Smith and Nephew has announced the completion of the sale of its gynaecology business to Medtronic in a deal worth $350 million (269.86 million pounds).
The sale encompasses the company's portfolio of resection technologies, including the Truclear System, which is designed for the hysteroscopic resection and removal of uterine tissue.
“Smith and Nephew has commenced a $300 million share buyback programme following the completion of the sale of its gynaecology business.“
Most of the division's employees are to join Medtronic following the acquisition, with Smith and Nephew to continue to manufacture Truclear during a transitional period.
To ensure the firm's shareholders will benefit directly from the deal, Smith and Nephew has announced the commencement of a $300 million share buyback programme, with the maximum number of shares to be purchased estimated at 18.3 million.
The buyback programme is designed to reduce the company's share capital and will come to an end no later than March 31st 2017.
Olivier Bohuon, chief executive officer of Smith and Nephew, said: "The sale of our gynaecology business demonstrates our disciplined strategic approach to capital deployment and to crystallising value through divestiture at the right time."
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