Hologic has entered into a definitive agreement to sell Cynosure to an affiliate of investment funds managed by Clayton, Dubilier & Rice for a total purchase price of $205 million in cash, subject to certain closing adjustments. Under the terms of the agreement, approximately 825 employees will transfer with the Cynosure business. The transaction is expected to close around the end of calendar 2019, subject to regulatory approvals and other customary conditions.
“Divesting our medical aesthetics business will enable us to focus on what we do best—helping women and their families live healthier lives through early detection of disease,” said Steve MacMillan, president and CEO of Hologic.
Hologic also announced that it intends to enter into an accelerated share repurchase (ASR) program to buy back $205 million of the company’s common stock. The ASR will be completed pursuant to a new $205 million share repurchase authorization that has been approved by Hologic’s board of directors.
