Smith & Nephew (SNN) Completes Gynaecology Business Divestiture; Commences Stock Buyback Plan
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Smith & Nephew (NYSE: SNN) announces that it has completed the divestiture of its Gynaecology business to Medtronic plc (NYSE: MDT) for $350 million.
The planned sale of our Gynaecology business demonstrates our disciplined strategic approach to capital deployment. Our shareholders will benefit directly through a $300 million share buy-back programme. The divestment is expected to be broadly neutral to adjusted earnings per share ('EPSA') in 2017, after the share buy-back, and to reduce EPSA by less than 1.0¢ in 2016.
The maximum pecuniary amount allocated to the buy-back programme is $300 million and the maximum number of shares that will be purchased is estimated to be 18.3 million1 based on the prevailing share price and GBP/USD exchange rate. The buy-back programme, the purpose of which is to reduce the Company's share capital, commences today and will end no later than 31 March 2017.
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