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CareFusion acquires 40% of Israeli ‘Caesarea Medical Electronics’ (CME) for $100 Million

CareFusion will buy a 40% stake in Caesarea Medical Electronics, which produces infusion pump systems.
CareFusion logo

 

 

CareFusion (NYSE: CFN), global medical technology company, today announced it will invest $100 million for a 40 percent minority stake in Caesarea Medical Electronics (CME), giving a company value of $250 million.

CME CEO Zvi Barak and his wife Anat founded the company in 1993, and they are the sole shareholders in equal shares. No outside capital funds have ever invested in the company. CME has 250 employees in Israel.

Under the terms of the agreement, CareFusion has the right to make additional investments that would increase its interest to a majority owner of CME. CME will continue to operate independently from CareFusion, including the retention of its existing distributor network in the markets it serves.

CareFusion expects to complete the investment transaction by March 31, 2014, subject to certain closing conditions. The final investment amount is subject to typical adjustments. Additional terms of the agreement were not disclosed.CareFusion collaborates with CME, including the purchase of its technology.

CME Caesarea Medical Electronics LOGO

CME, headquartered in Israel, designs, manufactures and markets a range of infusion and syringe pumps as well as related accessories and disposable administration sets for both homecare and hospital settings. CME infusion pumps are known for their compact and highly portable design, making them ideal for specialty applications such as IV and epidural anesthesia and pain management, infusions during MRI procedures, hospital and home nutrition, among others.

The pumps are sold in 60 countries across six continents, with a majority of pumps sold outside the United States. The two companies have a history of collaboration, which includes CareFusion purchasing technology from CME.

“This investment creates a strategic, long-term relationship with CME, which has great people and great technology that is very complementary to our infusion portfolio, ” said Kieran Gallahue, chairman and CEO of CareFusion. “This is another example of how we can put our balance sheet to work through strategic investments that create opportunities to drive growth for the company in new markets and outside the U.S.”

 

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