The transaction is expected to be taxable, for U.S. STERIS shareholders will retain ownership of approximately 70% of New STERIS and Synergy shareholders will own approximately 30%. At closing, STERIS shareholders will exchange each share of stock they own in STERIS for one share of stock in New STERIS. The per-share consideration represents a premium of 39% to Synergy`s closing stock price on October 10, 2014, the last trading day prior to the announcement, a 32% premium to the thirty trading day volume weighted average price, and a 27% premium to the 52-week high of Synergy. Upon completion of the transaction, each outstanding share of Synergy will be converted into the right to receive £4.39 ($7.06) in cash and 0.4308 of a share of New STERIS. In fiscal 2014, Synergy generated revenue of approximately $604 million and adjusted earnings before interest expense, income taxes, depreciation and amortization (EBITDA) of approximately $161 million. STERIS has agreed to pay approximately $1.9 billion in cash and stock to acquire Synergy. The Boards of Directors of both companies have unanimously recommended the transaction. New STERIS is expected to be listed on the New York Stock Exchange under the ticker STE. Included in the three new Directors will be Synergy CEO, Dr. STERIS plans to expand the New STERIS Board to thirteen members, of whom ten will be the current STERIS Directors and three will be current members of Synergy`s Board of Directors. Rosebrough, along with New STERIS CFO Michael Tokich and most members of senior management, will reside in Northeast Ohio. Walt Rosebrough, current President and CEO of STERIS, will be the CEO of New STERIS. headquarters will remain in Mentor, Ohio. New STERIS will be incorporated in the U.K., while its operational and U.S. "The combined entity brings together the strengths of both businesses, allowing New STERIS to accomplish much more than either one of us could separately." "Synergy shares STERIS`s commitment to growth for all of its Customers and partners, and this acquisition joins two great companies that share a similar set of values and a strategic vision," said Dr. Once the transaction is completed, New STERIS will be a stronger global leader in infection prevention and sterilization, better-positioned to provide comprehensive solutions to medical device companies, pharma companies, and hospitals around the world." Together, we create a balanced portfolio of products and services that can be tailored to best serve the evolving needs of our global Customers.
Richard Steeves and his people have achieved, and look forward to welcoming them to the STERIS team. "We have great respect for the performance that Dr. "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," said Walt Rosebrough, President and CEO of STERIS Corporation. For hospitals, the combination of STERIS`s Infection Prevention and Services businesses with Synergy`s Hospital Sterilization Services will strengthen the breadth and depth of the offering, accelerating the development of hospital sterilization outsourcing worldwide. For medical device manufacturers, STERIS`s Isomedix and Synergy`s Applied Sterilization Technologies (AST) will create a leading global supplier to best serve medical device Customers with a network of 58 facilities covering 18 countries.
Upon closing, the combined business (New STERIS) will have approximately $2.6 billion in annual revenues from over 60 countries, approximately 14,000 employees, and will bring together geographically complementary businesses. law to acquire Synergy in a cash and stock transaction valued at £19.50 ($31.35) per Synergy share, or a total of approximately $1.9 billion, based on STERIS`s closing stock price of $56.38 per share on October 10, 2014.
OctoSTERIS Corporation ( STE) and Synergy Health, plc ( SYR.L) today announced that STERIS is commencing a "recommended offer" under U.K.
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