Alcon strengthens lens business with major US acquisition
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Alcon strengthens lens business with major US acquisition
The eye care group Alcon is going on a shopping spree. On Tuesday, the Geneva-based company announced the acquisition of the US company Staar, a specialist in implantable lenses.
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As part of the agreement, Alcon is offering $28 in cash for each Staar share. The price is around 59% above the average price of the last three months and 51% above the previous day’s price. The deal has a total value of around $1.5 billion.
The transaction is not subject to any financing conditions. Alcon intends to finance the transaction through the issuance of short and long-term credit facilities. The deal is expected to close within the next six to twelve months, subject to customary closing conditions. Alcon then expects a positive contribution to earnings from the second year onwards.
The Boards of Directors of Alcon and Staar have each unanimously approved the transaction, according to the statement.
The takeover primarily comprises Staar’s EVO lens family. It is used for vision correction in patients suffering from moderate to high myopia with or without astigmatism. The acquisition is Alcon’s response to the increasing number of people with high myopia worldwide. The acquisition gives the company the ability to offer a leading solution for surgical vision correction.
Translated from German by DeepL/jdp
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