Shareholders of Kinetic Concepts, Inc. have approved the acquisition of Kinetic by a consortium made up of the Canada Pension Plan Investment Board, the Public Sector Pension Investment Board and U.K.-based Apax Partners. The acquisition is for $68.50 per common share, or a total value of approximately $6.3 billion. The acquisition is expected to close in early November.
Kinetic is a U.S.-based medical device company focused on the design, manufacture, marketing and service of therapies and products for the wound care, tissue regeneration and therapeutic support system markets. In 2010, KCI reported revenues of $2 billion.
The consortium plans to work in partnership with Kinetic management to help expand the company’s core businesses, invest in innovative new products and extend into new geographies where significant opportunities exist.