Originally Published MX May/June 2004
BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT
Consolidation in the Ranks|
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At the end of April—just in the nick of press time—the ranks of full-service medtech outsourcing firms got a major shake-up when UTI Corp. announced that it had agreed to acquire MedSource Technologies Inc. The newly combined entity will be renamed and reorganized into operating divisions aligned with key customer markets.
Under the agreement, MedSource common stockholders will receive $7.10 per share in cash, upon the close of the acquisition. The aggregate transaction value is approximately $230 million, including assumed net debt. The deal was unanimously approved by MedSource's board of directors and is expected to close in the summer of 2004, subject to shareholder and regulatory approval.
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