Johnson & Johnson (NYSE:JNJ) said yesterday that industrial conglomerate Fortive (NTSE:FTV) made a binding offer to acquire the advanced sterilization business from J&J’s Ethicon division for approximately $2.8 billion.
The deal includes $2.7 billion in cash and an additional $100 million in retained net receivables, New Brunswick, N.J.-based Johnson & Johnson said.
J&J’s advanced sterilization products biz reported a net revenue last year of approximately $775 million, the company reports. The offer has an acceptance period of 120 days, and if accepted, is expected to close no later than early 2019, J&J added.