US firm Steris Corp buys Synergy Health for US$1.9 billion
LONDON, England (AFP) — US pharmaceuticals firm Steris Corporation said Monday it has agreed a US$1.9-billion (1.5-billion-euro) takeover of Britain’s Synergy Health, in a deal which will cut its tax bill.
“The boards of Steris and Synergy are pleased to announce that they have reached agreement on the terms of a recommended combination,” the pair said in a statement.
The new company will establish its joint tax headquarters in Britain under the terms of the cash-and-shares offer, which values the sterilisation services group at £19.50 per share.
That is 39 per cent higher than Synergy’s closing share price on Friday.
Steris shareholders will own 70 per cent of the new group, while Synergy investors will own the remaining 30 per cent.
The new combined group, which will be incorporated in Britain, is expected to have an effective taxation rate of 25 per cent.
Steris had a tax rate of 31.3 per cent for its 2014 fiscal year which ended on March 31.
