Press release
CooperCompanies to Acquire Cook® Medical’s Reproductive Health Business
Acquisition will enhance CooperSurgical’s international fertility footprint and medical device portfolio SAN RAMON, Calif., Feb. 07, 2022 (GLOBE NEWSWIRE) --
About this update from The Cooper Companies, Inc.
[{"type":"text","content":"Acquisition will enhance CooperSurgical’s international fertility footprint and medical device portfolio SAN RAMON, Calif., Feb. 07, 2022 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced it has signed a binding letter of intent to acquire Cook Medical’s Reproductive Health business, a manufacturer of minimally invasive medical devices focused on the fertility, obstetrics and gynecology markets. Cooper will pay approximately $875 million comprised of $675 million at closing and $200 million paid in four $50 million annual installments. “This acquisition is an excellent strategic fit for CooperSurgical.” said Al White, CooperCompanies President and CEO. “We’re improving our international fertility footprint, especially within the Asia-Pacific region, and adding highly synergistic and respected labor and delivery devices to our ObGyn portfolio. These high-quality products will integrate seamlessly into our business and support CooperSurgical’s vision of a world with healthy women, babies and families.” Cook Medical’s Reproductive Health business had annual revenues of approximately $158 million in calendar 2021, up roughly 17% year-over-year in constant currency. Excluding one-time charges and deal-related amortization, the transaction is expected to be accretive to non-GAAP earnings per share by approximately $0.60 in the first year after closing. Completion of the transaction is subject to customary closing conditions, including entry into a definitive acquisition agreement and regulatory approvals, and compliance with local consultation requirements. Additional details concerning the acquisition are available in a presentation on the Investor Relations section of Cooper’s website at http://investor.coopercos.com under the presentation titled “Acquisition of Cook® Medical’s Reproductive Health Business.” Conference Call and Webcast The Company will host a conference call and live webcast today at 5:00 PM ET to discuss this transaction. The live dial-in number for the call is 1-855-643-4430 (U.S.) / 1-707-294-1332 (International). The participant code for the call is 8244359. A simultaneous webcast of the call will be available through the \"Investor Relations\" section of the CooperCompanies website at http://investor.coopercos.com and a transcript of the call will be archived on this site for a minimum of 12 month...