STERIS plc announced that its wholly owned subsidiary, STERIS Corporation, has entered into a definitive agreement to acquire Xodus Medical, Inc., a specialty surgical products business, for $2.1 billion in cash. The deal includes potential additional earnout consideration of up to $150 million.
Key Details
- Purchase Price: $2.1 billion in cash at closing, with a potential earnout of up to $150 million based on specified performance targets in calendar 2028.
- Financing: The acquisition will be financed primarily with debt, supported by a $2.0 billion bridge financing commitment from JPMorgan and Goldman Sachs.
- Expected Closing: The transaction is anticipated to close by December 31, 2026, subject to regulatory approvals and other customary closing conditions.