Zephyrnet Logo

TA Associates in advanced talk for £2bn Smiths Group medical division take over – report

Date:

US private equity major TA Associates has been in talks with FTSE 100-listed engineering giant Smiths Group for a £2bn takeover approach for the ventilator maker’s medical division, the Mail reported. Bankers from Goldman Sachs are said to be working on the deal.

Talks are at an advanced stage, the report said, but the duo have already failed once this year to agree on a price.

The medical division is one of the Smiths’ five main divisions. The group was said to be being circled recently by Nasdaq-listed ICU Medical, following a failed merger in 2018 that valued Smiths at between £2.5bn and £2.8bn.

ICU Medical is said to be teaming up with an unnamed private equity firm with a view to make an offer for the whole of Smiths and breaking up the group. Bankers from Barclays are reportedly advising the consortium.

Smiths Group said in 2019 that it was planning to spin off its medical unit, but that was put on hold due to the pandemic.

TA Associates closed its fourteenth flagship fund on its $12.5bn hard cap and TA Select Opportunities Fund II on its hard cap of $1.5bn last month, five months after starting the fundraising in January.

The firm closed at least three deals last months including the $130m investment in subscription-based ecommerce tool builder Stackline. The investment comes just over six months after Stackline picked up $50m from Goldman Sachs Asset Management’s growth team.

TA also agreed to exit digital-led skin care brand Paula’s Choice to global personal care giant Unilever after a five-year hold and  sold a majority stake in investment industry software and data specialist Confluence Technologies to fellow private equity house Clearlake Capital.

Copyright © 2021 AltAssets

Get the latest PE News & Research delivered to your inbox every morning

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/ta-associates-in-advanced-talk-for-2bn-smiths-group-medical-division-take-over-report.html

spot_img

Latest Intelligence

spot_img