In short
In a deal the terms of which have not been dislcosed, Smith & Nephew plc has agreed to acquire assets related to the distribution business for its sports medicine, orthopaedic reconstruction and trauma products in Brazil, currently conducted through Pró Cirurgia Especializada (PCE).
Background
The acquisition is in line with Smith & Nephew’s strategic priority to supplement its organic growth through acquisitions and to build sustainable businesses in the Emerging Markets. PCE was established in 1957 and has worked for Smith & Nephew for over 30 years. PCE has approximately 165 employees today.
The acquisition is being made through Smith & Nephew’s Brazilian subsidiary, with closing expected to occur in the second half of 2013 subject to the satisfaction of certain customary conditions. The terms have not been disclosed.
Company comments
Olivier Bohuon, Chief Executive Officer of Smith & Nephew, commented:
“Building a substantial and sustainable business in Brazil is central to our strategy to be leaders in the emerging markets. We know PCE well, having worked together for many years, and are confident that its deep market expertise and customer relationships give us a strong platform. We welcome the employees of PCE to Smith & Nephew and look forward to realising the many opportunities we see in this exciting market.”
Source: Smith and Nephew, plc.
published: April 5, 2013 in: Mergers and Acquisitions, Smith & Nephew