STERIS plc and Cantel Medical Corp. announced that STERIS has signed a definitive agreement to acquire Cantel, through a U.S. subsidiary. Cantel is a global provider of infection prevention products and services primarily to endoscopy and dental Customers.
Under the terms of the agreement, STERIS will acquire Cantel in a cash and stock transaction valued at $84.66 per Cantel common share, based on STERIS’s closing share price of $200.46 on January 11, 2021. This represents a total equity value of approximately $3.6 billion and a total enterprise value of approximately $4.6 billion, including Cantel’s net debt and convertible notes. The agreement has been unanimously approved by the boards of directors of both companies.
“We have long appreciated Cantel, which is a natural complement and extension to STERIS’s product and service offerings, global reach and customers,” said Walt Rosebrough, president and chief executive officer of STERIS. “Our companies share a similar focus on infection prevention across a range of health care customers. Combined, we will offer a broader set of customers a more diversified selection of infection prevention and procedural products and services. We welcome the people of Cantel to the STERIS team and firmly believe we will create greater value for our customers and shareholders together.”