SYDNEY, May 25 (Reuters) - Rubber products maker Ansell Ltd on Thursday said it would sell its condom business to a Chinese consortium for $600 million, leading the Australian company to launch a $265 million on-market share buyback.
China’s Humanwell Healthcare Group Co Ltd and CITIC Capital China Partners have bought the division, which also includes a lubricant and devices business, Ansell said.
“We are delighted with this outcome, following a thorough and competitive process, which realises significant value for Ansell shareholders,” Ansell Chief Executive Magnus Nicolin said in a statement. The share buyback announced on Thursday represents 10 percent of shares on issue. (Reporting by Jamie Freed, editing by G Crosse)