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News

Sorin receives offer to purchase its renal care business

Sorin : 13 October, 2008  (Company News)
Sorin Group has received an offer for the acquisition of its renal care business and the group has granted exclusivity to an investment consortium led by Argos Soditic, an independent European private equity firm, and MPS Venture SGR, for the purpose of finalising negotiations.
Completion of the transaction is subject to conditions including completion of regulatory procedures for anti-trust and with employee representatives of the renal care business in Italy and in France.

Once the deal terms are finalised, and approved by the Board of Directors of Sorin, the company will provide full financial details resulting from the transaction, including EBITDA margin expansion and Net Debt reduction.

'As previously announced, the planned transaction for our Renal Care business is an important milestone in our strategy, and directs the Group's focus on growth and innovation in Sorin's core cardiovascular franchise', said Andre-Michel Ballester, chief executive officer of Sorin Group.

'I am confident that the management and employees of Sorin's Renal Care business will view this offer very favourably. We believe the strategic focus under new ownership will enhance our ability to deliver both financial success and therapeutic benefits to our patients and customers', said Stefano Rimondi, vice president, Renal Care Business Unit.
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