Consort Medical will sell its King Systems division after receiving approval from shareholders.
The medical devices company said it will dispose of the manufacturer of anaesthesia and respiratory items for a consideration of $120m cash, plus an adjustment of approximately $5.0m for estimated working capital and net indebtedness at completion.
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The initial consideration is subject to a post-completion adjustment for actual working capital and actual net indebtedness at completion.
Proceeds will be used to repay debts of the company.
Shares rose 2.73% to 678.50p at 14:44 Friday.
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