By Yuka Obayashi
Reuters
TOKYO — Japan’s Asahi Kasei Corp will buy U.S. medical equipment maker Zoll Medical Corp for $2.21 billion as it looks to build a globally competitive healthcare business and reduce its reliance on its chemicals and fibers operations.
Asahi Kasei will buy Zoll in an agreed cash deal for $93 a share, a 24 percent premium to Zoll’s closing price on Friday, the two companies said in a joint statement. The deal is Asahi Kasei’s biggest acquisition by far.
The transaction, which adds to about $200 billion that Japanese firms have spent on overseas acquisitions in the past four years, is expected to close in the second quarter, the companies said. Asahi Kasei said it will finance the deal with loans.
Full Story: Japan’s Asahi Kasei to buy Zoll for $2.2 billion