Cardinal Health closes $3.3B unit sale |
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Tue, 10 Apr 2007 20:56
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DUBLIN, Ohio (AP) - Cardinal Health said Tuesday that it closed the sale of its pharmaceutical technologies and services segment to private equity firm Blackstone Group for $3.3 billion cash.In November, Cardinal Health announced it would sell the segment, with Blackstone announcing its bid in January. In early March, the Federal Trade Commission signed off of the acquisition.The segment employs about 10,000 people and generates about $1.8 billion in revenue per year.Cardinal Health said it will focus its resources on its four remaining health care segments, and use $3.1 billion in after-tax proceeds to buy back shares.Shares of Cardinal Health fell 29 cents to $72.99 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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FTC approves sale of Cardinal unit 