Private equity major Permira has reportedly bid on $3.8bn-valued US medical device maker LivaNova in an attempt to take the Nasdaq-listed company private.
Permira made its offer in the middle of last month according to the FT, which cited two unnamed sources it said were familiar with the matter.
That offer valued the company’s shares at more than $80 each, it added, a premium to the $75 per share price from yesterday.
The company’s shares briefly reached $80 in after-hours trading, and the company currently has a market cap of about $3.82bn.
LivaNova makes products including heart valves, life support machines and devices that aim to reduce elipetic seizures.
The business was created six years ago through the merger of Cyberonics and Italy-based Sorin.
LivaNova saw its sales fall just under 14% to $934m last year amid the ongoing Covid-19 crisis, but said in its most recent earnings report that it expects sales to rise by 13% this year.
The buyout house pulled in €11bn two years ago for the final close of one of the biggest euro-denominated buyout funds ever raised.
The firm hit its hard cap for Permira VII after just nine months on the road, marking a massive jump from the €7.5bn it gathered for its predecessor vehicle just two years earlier.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/permira-said-to-bid-on-3-8bn-valued-medical-device-maker-livanova.html
