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STERIS To Buy Cantel Medical For Equity Value Of About $3.6 Bln - Quick Facts

STERIS plc (STE) agreed to buy Cantel Medical Corp (CMD) in a cash and stock transaction valued at $84.66 per Cantel common share. It represents a total equity value of about $3.6 billion and a total enterprise value of about $4.6 billion, including Cantel's net debt and convertible notes.

Cantel is a provider of infection prevention products and services primarily to endoscopy and dental Customers.

The companies expect to realize annualized pre-tax cost synergies of about $110 million by the fourth fiscal year following the close, with about 50% achieved in the first two years.

As per the terms of the agreement, Cantel common stockholders will receive about $16.93 in cash and 0.33787 of a STERIS ordinary share, or a total of value of approximately $84.66 per Cantel common share based on STERIS's closing share price of $200.46 on January 11, 2021.

STERIS expects to close the deal by the end of its first quarter of fiscal 2022.

STERIS expects to fund the cash portion of the transaction consideration and repay a significant amount of Cantel's existing debt with about $2.0 billion of new debt and has obtained fully committed bridge financing.

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