ConvaTec to belong to new owners

07.05.2008 05:10

Private equity firms Avista Capital Partners and Nordic Capital have agreed to acquire biopharmaceutical business unit ConvaTec from Bristol-Myers Squibb Company for approximately $4.1bn, subject to adjustments based on ConvaTec's audited 2007 financial statements and closing working capital.

ConvaTec develops and markets wound therapeutics and ostomy care products. The company is headquartered in New Jersey, US and has more than 3,400 employees in 91 countries.

Nordic Capital will make the investment from its Nordic Capital VII fund.

Avista acquired Bristol-Myers Squibb Medical Imaging a few months ago for approximately $525m.

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