J&J Gets Binding Offer From Platinum Equity To Buy LifeScan Unit For $2.1 Bln

(RTTNews) - Johnson & Johnson (JNJ) said Friday that it has received a binding offer from Platinum Equity, a private investment firm, to buy its LifeScan business for about $2.1 billion, subject to customary adjustments. LifeScan, Inc. is a leader in blood glucose monitoring products with 2017 net revenue of approximately $1.5 billion.

The acceptance period for the offer will end on June 15, 2018, unless extended, and during that time, consultations with relevant works councils are planned. If the offer is accepted, the transaction would be expected to close by the end of 2018, subject to the satisfaction of customary closing conditions.

Johnson & Johnson noted that the transaction was contemplated in the Company's guidance provided on January 23, 2018.