ICU Medical To Buy Excelsior Medical

(RTTNews) - Medical devices maker ICU Medical Inc., (ICUI), agreed to buy Excelsior Medical Corporation, a manufacturer of healthcare devices used to disinfect and protect access into a patient's bloodstream, for $59.5 mln.

Excelsior is owned by RoundTable Healthcare Partners, a private equity firm focused on healthcare industry.

ICU also signed a definitive agreement to sell the operating assets of SwabFlush and the pre-filled saline and heparin flush syringes to Medline Industries Inc. for $27 million.

Both transactions are expected to close within a week.

The acquisition will be funded using cash on hand and is expected to be neutral to earnings in 2015. For 2016, the transaction is expected to add incremental revenue of $18 to $20 million and contribute minimal earnings per share accretion.