Notable Mergers and Acquisitions of the Day 9/2: MDZ/DHR, SUN, APD/MWE
- MDS Inc. (NYSE: MDZ) has entered into an agreement to sell its MDS Analytical Technologies business, a global supplier of drug discovery and life sciences research tools, to Danaher Corporation (NYSE: DHR) for $650 million in cash, and that it currently intends to return approximately $400 million to $450 million of the sale proceeds to its shareholders. The completion of the sale is subject to shareholder and regulatory approval, and other closing conditions.
The Company also announced that it intends to sell its MDS Pharma Services business, a leading provider of innovative drug discovery and early-stage development solutions for pharmaceutical and biotechnology companies. Upon completion of these transactions, the Company would be focused solely on its MDS Nordion business, which is a leading provider of medical isotopes for molecular and diagnostic imaging, radiotherapeutics and sterilization technologies.
- Sunoco, Inc. (NYSE: SUN) said that it reached an agreement to sell its retail heating oil and propane distribution business to Superior Plus Corp. for $82.5 million in cash. The transaction is subject to customary conditions, such as regulatory and other approvals, and is expected to close on September 30, 2009.
Speaking on the transaction, Sunoco Chairman and Chief Executive Officer Lynn Elsenhans said: "This sale demonstrates our continuing efforts to realign our portfolio of assets and represents another step toward improving our performance and competitiveness. We are grateful to the talented and dedicated employees whose commercial skill and focus on operations made the retail heating oil business a steady contributor to the company for many years. We wish them well as they join Superior Plus."
- Air Products (NYSE: APD) today announced it has purchased a new steam methane reformer hydrogen facility under construction in Corpus Christi, Texas, from MarkWest Energy Partners, L.P. (NYSE: MWE). The facility, which will produce over 30 million standard cubic feet per day, will be owned and operated by Air Products and is expected to be on-stream in March 2010. The companies also signed a separate long-term supply agreement whereby Air Products will provide hydrogen and steam to MarkWest. MarkWest will utilize the products produced by the SMR facility combined with its existing production capabilities to deliver high-purity hydrogen to local refinery customers.
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