Smiths Group plc (SMIN.L) has entered into an agreement for the proposed sale of Smiths Detection to funds advised by CVC Capital Partners. The proposed deal values Smiths Detection at an enterprise value of 2.0 billion pounds. Based on customary adjustments, Smiths expects to receive net cash proceeds of approximately 1.85 billion pounds.
Roland Carter, Chief Executive of Smiths, said: "This agreement builds on our recently announced sale of Smiths Interconnect and demonstrates strong execution against the strategic actions we set out in January centred on value creation."
Smiths plans to return a large portion of the net cash proceeds from the proposed transaction to shareholders and will provide an update on timing and mechanism in due course.
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