Boston Scientific to Sell Non-Strategic Investments
Completion of a definitive agreement was announced by Boston Scientific Corporation to sell the company’s investments in an array of different companies to Saints Capital. A number of conditions and terms must still be negotiated in order to finalize the deal.
Saints Capital is a secondary direct-investment firm. After the deal closes, Boston Scientific expects to raise $100 million. Most of these funds will be available in cash, some of the funds will be paid out over a number of years.
This sale will release the company of the majority of its private investments. Selling such, as previously planned by the company, will allow a renewed focus on core businesses.
The company also announced plans to sell a portfolio of venture funds and companies and has signed a definitive agreement to that effect. That deal was signed with Paul Capital Partners. Paul Capital is leading company based in the private equity second market. The pre-tax sales are expected to be in the range of $40 million.
The company has recently been selling off an array of assets, previously printed on HospitalBuyer.
June 19, 2008 Related topics: Mergers & Acquisitions