STERIS Corp. has announced it will acquire United States Endoscopy Group, according to a news release.
STERIS will pay $270 million in an all cash transaction to acquire the company, which designs, manufactures and sells therapeutic and diagnostic medical devices and support accessories used in the gastrointestinal endoscopy markets worldwide.
"The addition of US Endoscopy to our current portfolio is a natural extension of our presence in the GI market," said Walt Rosebrough, president and CEO of STERIS Corp., in the release. "They have generated double-digit organic growth for many years through successful new product development, and the acquisition provides STERIS immediate scale with a direct sales force in the United States and a strong brand name. This acquisition is aligned with our strategy to expand in areas with attractive market dynamics that are adjacent to our current businesses. We are impressed with the strength of their management team and look forward to working with them to capture the opportunities ahead of us."
The transaction is subject to certain closing conditions and is expected to close by the end of the second quarter of fiscal 2013. US Endoscopy will be integrated into STERIS's healthcare business segment.
STERIS Corp. is headquartered in Mentor, Ohio.
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