TCHBF - Switzerland's Tecan to acquire medical device maker Paramit for $1B

Switzerland's Tecan Group (TCHBF) is acquiring Morgan Hill, Calif.-based medical device maker Paramit Corp. in a $1B deal.Tecan said the acquisition will bolster its position in solutions for life sciences and in-vitro diagnostics and add a new business vertical of medical devices."Tecan will gain new highly efficient manufacturing capacity in Asia and a strong presence for its OEM business in North America," said Tecan CEO Achim von Leoprechting.Meanwhile, Paramit will be able to use Tecan's existing OEM customer base and its commercial channel to expand in the European and Asian markets, including China and beyond.Paramit is expected to generate around $280M in sales for the full year 2021.Tecan will fund the transaction through a combination of cash on hand, issuance of new shares and a bond offering. The company has obtained committed bridge financing from Credit Suisse for the deal.Tecan said the acquisition will be immediately accretive to EPS upon closing.The transaction, which

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Switzerland's Tecan to acquire medical device maker Paramit for $1B