Ansell Limited (ASX:ANN) has acquired the North American group BarrierSafe Solutions for approximately $US615 million.
Ansell says it expects to acquire the single-use gloves provider in the first quarter of calendar 2014, pending US anti-trust clearance and other conditions.
The acquisition will be funded by a committed debt facility of $US300 million as well as a new equity raising of $388 million through a fully-underwritten private placement and a portion of a non-underwritten share purchase plan of up to $100 million to all eligible shareholders in Australia and New Zealand.
Ansell chief executive officer Magnus Nicolin says the acquisition is a rare opportunity to strengthen the group's position in the North American single-use glove market.
Mr Nicolin also says BarrierSafe chief executive officer Michael Mattos and chief financial officer Joseph Kubicek will become part of the Ansell leadership team on completion of the transaction.
Ansell generated a net profit of $140.8 million in fiscal 2013.
ANN Price at posting:
$19.46 Sentiment: None Disclosure: Held
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