Teleflex (NYSE:TFX) announced that it has completed its previously announced acquisition of hemostatic product maker Z-Medica.
Having announced a definitive agreement to buy Z-Medica when revealing its third-quarter financial results in October, Teleflex will acquire the company with an upfront cash payment of $500 million at closing and up to an additional $25 million upon the achievement of certain commercial milestones, according to a news release.
Wayne, Pa.-based Teleflex also acquired certain tax attributes in the transaction, which it expects will yield future tax benefits valued at approximately $40 million.
The company noted that, based on the date of closing, the acquisition is unlikely to significantly affect Teleflex’s 2020 revenue or adjusted earnings per share, but it is expected to contribute between $60 million and $70 million in revenue and between 7¢ and 15¢ per share in fiscal 2021.
Beyond 2021, Teleflex anticipates that the purchase will deliver a high-single-digit revenue growth profile and further accretion to adjusted EPS.
