STERIS plc acquired Synergy Health plc for approximately $1.9 billion at announcement (£19.50 / $31.35 per share in cash and stock); final total purchase consideration $2,294.8 million ($402.5M cash + 25,848,798 STERIS plc ordinary shares valued at $1,887.5M + $4.8M for vested option holders), a cash-and-stock value of about $2.3 billion at the November 2, 2015 close, a transaction completed in November 2015, structured as cash-and-stock.
Synergy Health plc operates in Applied Sterilization Technologies, Healthcare and Life Sciences, is based in Swindon, United Kingdom (operations across Europe, the Americas, the Middle East, Africa and Asia), had revenue of about combined 'New STERIS' revenue of approximately $2.6 billion from over 60 countries at announcement. Synergy Health, an LSE-listed (SYR) UK outsourced-sterilization and infection-prevention company based in Swindon, was acquired through a newly formed UK entity that also indirectly acquired STERIS Corporation, creating the UK-domiciled 'New STERIS plc.' The combination brought together geographically complementary businesses generating revenue from more than 100 countries with roughly 14,000 combined employees and about $2.6 billion of combined revenue, pairing STERIS's Isomedix with Synergy's Applied Sterilization Technologies into a global contract-sterilization network of 58 facilities across 18 countries. This was STERIS's first corporate inversion; the group later redomiciled from the UK to Ireland in 2019.
Management said the deal created a global leader in infection prevention and sterilization, let STERIS further invest in the U.S. and accelerate international growth, and combined two companies with a shared set of values and strategic vision.
Geographically complementary outsourced-sterilization scale, a global AST network, and a structure that established a UK domicile for the combined company. cost savings from optimizing global back-office infrastructure, leveraging best practices across plants, in-sourcing consumables and eliminating redundant public-company costs combined into STERIS's AST, Healthcare and Life Sciences operations under New STERIS plc
Synergy's focus on achievement, accountability, integrity and innovation has enabled it to deliver remarkable growth for its Customers, people and shareholders since its founding.Walt Rosebrough, President and CEO, STERIS Corporation
Synergy shares STERIS's commitment to growth for all of its Customers and partners, and this acquisition brings together two great companies that share a similar set of values and a strategic vision.Dr. Richard Steeves, CEO, Synergy Health
Advisory firms were not disclosed for this transaction.