Boston Scientific will buy the British medical technology group BTG in a £ 3.3 billion deal


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Boston Scientific, a US medical device company, will buy the British medical technology group BTG in a £ 3.3 billion deal, the pair said Tuesday.


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Bravo Bidco Limited, which is wholly owned by Boston Scientific, has made an offer of 840p in cash for the entire share capital of BTG, a 36.6% premium at the closing price of the Monday of 615p. The offer also represents a 51% premium over the weighted average price for BTG in the last 90 trading days.

BTG, a member of the FTSE 250 index in the UK, gained 34% in the news. The group said its directors took into consideration the offer.

At the start of this month, BTG saw its shares jump by 16% after profits before taxes for the six months to September increased by 46.6%. At the time he hoped to buy the US medical technology company Veran and was planning further investments and acquisitions.



BTG said the proposed merger was supported by Invesco Asset Management, Novo Holdings and Woodford Investment Management, which account for approximately 32.8% of its shares. The completion of the transaction, which should take place in mid-2019, is subject to regulatory approval.

“The acquisition of BTG and its rapidly growing peripheral intervention portfolio is an exciting extension of our category leadership strategy that will increase our capabilities in important areas of unmet needs such as cancer and Pulmonary embolism, “said Boston Scientific president and CEO Michael Mahoney.

“Strong strategic and cultural integration among companies gives me confidence that our business will continue to make a real difference to our patients, customers, employees and wider stakeholders,” said BTG CEO Louise Makin.

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Profile: Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company offers its products by seven businesses: Interventional Cardiology, Cardiac Rhythm Management, Endoscopy, Peripheral Interventions, Urology and Pelvic Health, Neuromodulation, and Electrophysiology.



 

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It operates in three segments: Cardiovascular, Rhythm Management and MedSurg. Its Cardiovascular segment consists of Interventional Cardiology and Peripheral Interventions businesses. Rhythm Management consists of Cardiac Rhythm Management and Electrophysiology businesses. MedSurg consists of Endoscopy, Urology and Pelvic Health, and Neuromodulation businesses.

Its Interventional Cardiology product offerings include balloon catheters, rotational atherectomy systems, guide wires, guide catheters and embolic protection devices and diagnostic catheters used in percutaneous transluminal coronary angioplasty (PTCA) procedures.

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