June 27, 2019 / 8:05 AM / in 22 days

Italian Bracco Imaging boosts portfolio with $450 million deal

MILAN (Reuters) - Italian healthcare group Bracco will enhance its imaging unit’s portfolio by buying Blue Earth Diagnostics from London-listed rival Syncona for an equity value of $450 million (355 million pounds), Bracco said in a statement on Thursday.

Under the terms of the deal, Bracco Imaging, a unit of privately held Bracco group, will also pay a further closing adjustment estimated at $25 million, the statement added.

Bracco Imaging Chief Executive Fulvio Renoldi Bracco said the deal enabled the firm to expand its range of nuclear oncology imaging solutions in the urology segment and other specialties.

Blue Earth Diagnostics expects to post revenues of $140 million in the fiscal year to September 2019, mainly in the U.S. market. Bracco Imaging generated turnover of more than 1 billion euros (896 million pounds) in 2018.

Bracco was advised by J.P. Morgan who also acted as sole underwriter of the financing for its $450 million acquisition.

Maria Pia Quaglia, editing by Mark Bendeich

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