Ansell (ANN) has acquired the North American group BarrierSafe Solutions for approximately $US615 million ($A669.24 million).
In a statement to the Australian Securities Exchange, Ansell said it expects to acquire the single-use gloves provider in the first quarter of calendar 2014, pending United States anti-trust clearance and customary closing conditions.
The acquisition will be funded by a committed debt facility of $US300 million as well as a new equity raising of $A388 million through a fully-underwritten private placement and a portion of a non-underwritten share purchase plan of up to $A100 million to all eligible shareholders in Australia and New Zealand.
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Ansell chief executive officer Magnus Nicolin said the acquisition presented a rare opportunity to strengthen the group's position in the North American single-use glove market.
“The acquisition represents another strategic move in fulfilling our growth objectives in target industry verticals and is consistent with our disciplined approach to mergers and acquisitions, with an EBITDA multiple similar to that paid by Ansell in other recent transactions," he said.
Mr Nicolin also said BarrierSafe chief executive officer Michael Mattos and chief financial officer Joseph Kubicek will become part of the Ansell leadership team on completion of the transaction.