Teleflex to fund $276 million purchase of LMA International with cash

By Lisa Kerner

Charlotte, N.C., Aug. 14 - Teleflex Inc. announced it agreed to acquire substantially all of the assets of LMA International NV for S$343.5 million, or about $276 million, in cash.

To fund the acquisition, Teleflex will use $550 million of cash on hand, the bulk of which is located outside of the United States, according to information provided during a conference call on Tuesday.

Both companies' boards of directors have approved the proposed transaction, which is expected to close during the fourth quarter.

Teleflex president and chief executive officer Benson F. Smith said the company does not have plans for another acquisition of this size at this time. Acquiring LMA fit into Teleflex's plan of a larger, accretive acquisition and is within the range of "biting off what we can chew," Smith said.

Since May, Teleflex, has paid about $370 million for six acquisitions.

Acquiring LMA will boost the Limerick, Pa.-based medical device company's global presence and expand its anesthesia franchise.

LMA's portfolio includes laryngeal masks and other products used in anesthesia and emergency care. The company is incorporated in Curacao. It has offices in Jersey, Channel Islands, and Singapore and manufacturing facilities in Utah and in Malaysia.

Teleflex also announced it has signed definitive agreements with the shareholders of Intavent Direct Ltd. and affiliates to acquire the LMA-branded laryngeal mask supraglottic airway business and certain other products in the United Kingdom, Ireland and Channel Islands.

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