USD 600 million healthcare-transaction: Gleiss Lutz advises the medical devices group Integer in connection with the sale of its “Advanced Surgical & Orthopedics” business to Medplast
Gleiss Lutz advised US company Integer, a leading medical device outsource manufacturer, on the sale of its "Advanced Surgical & Orthopedics" product lines to the MedPlast group, a leading global service provider to the medical device industry, for USD 600 million. The transaction is subject to the customary official approvals, including antitrust clearances, and is expected to close in the third quarter of 2018.
Integer Holdings Corporation, listed on the New York Stock Exchange (NYSE: ITGR), is one of the world's largest outsource manufacturers of medical devices for the fields of cardiology, neuromodulation, orthopaedics, vascular surgery and surgery, as well as for mobile medical equipment, providing medical device OEMs with innovative, high-quality technologies and manufacturing processes. Additionally, it develops batteries for high-end niche applications in energy, military and environmental markets. The company's brands include Greatbatch Medical, Lake Region Medical and Electrochem.
Integer expects that the sale of the business unit will improve the company's results with a profit of USD 1.2 billion with higher margins, increased net earnings, greater returns on invested capital and a considerably lower debt average.
MedPlast Inc., headquartered in Tempe, Arizona, provides product design and development, programme and supply chain management for the supply of finished medical devices and components. The company is also involved in the development and supply of implantable grade and biocompatible plastics.
The following team of Gleiss Lutz lawyers, led by Dr. Martin Viciano Gofferje (partner, corporate/M&A, Berlin), advised Integer on all aspects of German law in connection with the transaction: Dr. Micha Pfarr, Svenja Bender (both corporate/M&A, both Berlin), Dr. Stefan Lingemann (partner), Dr. Rut Steinhauser, Dr. Katherina Wind (all Berlin, all employment), Antonia Harbusch (Düsseldorf), Sergej Bräuer (Frankfurt, both competition/antitrust), Dr. Johann Wagner (partner), Dr. Hendrik Marchal (counsel, both tax, both Hamburg) as well as Dr. Jacob von Andreae (partner, regulatory, Düsseldorf).
Gleiss Lutz had previously advised Integer (at that time still under the name of Greatbatch) in 2015 on the acquisition of its competitor, Lake Region Medical, from the private equity investors KKR and Bain Capital for approximately USD 1.7 billion, with regard to all aspects of German law.