LIVN - LivaNova to divest heart valve business to Gyrus Capital for $73M

LivaNova (LIVN) inks an agreement to sell its LivaNova heart valve business ((HV)) to Gyrus Capital, an investment firm dedicated to investments in the healthcare and sustainability sectors.Upon completion of the transaction, Gyrus intends to focus management attention and investment on the HV business to position it to become a leading player in the surgical heart valve market globally, translating into even greater opportunities for employees, customers and patients.The divestiture of the HV business is for a total consideration of  of €60M ($73M) and expected to be complete in the first half of 2021, €10 million of which will be paid at the end of 2022. Upon closing of the transaction, Gyrus will acquire the plants in both Saluggia, Italy and Vancouver, Canada. Gyrus will also acquire the HV assets and inherit or make offers to HV employees in other countries (with respect to France, to the extent that the binding offer submitted by Gyrus would be accepted

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LivaNova to divest heart valve business to Gyrus Capital for $73M