STERIS plc acquires Cantel Medical Corp

STERIS plc acquired Cantel Medical Corp for approximately $3.6 billion total equity value / approximately $4.6 billion enterprise value including Cantel net debt and convertible notes; final purchase consideration $3,599.5 million ($716.4M cash + 14.297M STERIS ordinary shares valued at $2,689.3M + $18.2M equity-comp + $175.6M convertible-equity), plus $721.3 million of assumed-and-repaid Cantel debt, a transaction completed in June 2021, structured as cash-and-stock ($84.66 per Cantel share).

Cantel Medical Corp operates in created new Dental segment; remainder split into Healthcare and Life Sciences, is based in Little Falls, New Jersey, USA (global operations). Cantel, then a NYSE-listed (CMD) infection-prevention company headquartered in Little Falls, New Jersey with roughly 3,700 employees, supplied infection-prevention products and services mainly to endoscopy and dental customers (its brands included the Medivators flexible-endoscope reprocessing line). STERIS paid $84.66 per Cantel share in cash and stock, an equity value of about $3.6 billion and an enterprise value of about $4.6 billion counting Cantel's net debt and convertible notes. The deal added STERIS's first Dental customer segment and expanded its endoscopy franchise; STERIS later recorded a $490.6 million goodwill impairment on Cantel assets in fiscal 2023 and subsequently reclassified the Dental business as held for sale.

Management framed Cantel as a complementary extension of STERIS's product and service portfolio that broadened its infection-prevention leadership, reached new dental customers, and was expected to deliver about $110 million of EBIT synergies by year four while being accretive to adjusted EPS in year one.

Public, scaled infection-prevention franchise with a large recurring-consumables base, an endoscopy business complementary to STERIS, and an entry into the dental infection-prevention market. approximately $110 million of expected EBIT synergies by year four from back-office optimization, best-practice sharing and eliminating redundant public-company costs; accretive to adjusted EPS in year one Dental segment created; balance integrated into Healthcare and Life Sciences segments

Advisory firms were not disclosed for this transaction.