Fortive Offers To Buy J&J's Advance Sterilization Product Biz For $2.8 Bln

(RTTNews) - Johnson & Johnson (JNJ) Wednesday said it has received an offer from Fortive Corp. (FTV) to acquire its Advanced Sterilization Products business, a division of Ethicon, Inc., for about $2.8 billion.

The purchase price consists of $2.7 billion of cash proceeds from Fortive and $0.1 billion of retained net receivables. Advanced Sterilization reported 2017 net revenue of about $775 million.

"As we balance the interests of all our stakeholders to deliver the greatest value to customers, healthcare providers and shareholders, we must continuously assess strategic fit and explore alternatives for our businesses," said Shlomi Nachman, Company Group Chairman, Interventional Solutions and Specialty Surgery.

If the offer is accepted, the proposed transaction would be expected to close no later than early 2019, subject to customary closing conditions and regulatory approvals.