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Cardinal Health will purchase the Cordis business from JNJ for $1.944 billion is cash. This transaction holds a value of approximately $1.594 billion with its tax benefits. Cardinal Health expects this transaction to benefit its FY2017 Non-GAAP EPS.
The deal is expected to be completed towards the end of 2015.
CAH’s CEO George Barrett commented:“The acquisition of Cordis is a significant step forward in our cardiovascular strategy. This acquisition follows a sequence of strategic moves for Cardinal Health in the areas of cardiology, wound management and orthopedics.”
Shares of JNJ were up 39 cents, or 0.38% during premarket trading Monday. The stock is down 1.97% YTD.
Shares of CAH were down 49 cents, or 0.56% during premarket trading Monday. The stock is up 8.99% YTD.
Cardinal Health (CAH ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Johnson & Johnson (JNJ ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.