The Firm is representing Apax Partners in connection with its entry into an agreement to acquire the controlling stake of the Respiratory Solutions business of Becton, Dickinson and Company (“BD”). Apax and BD have agreed to form a joint venture that will operate the Respiratory Solutions business as a new, independent company, with BD retaining a 49.9% interest as a significant but non-controlling minority owner. The transaction is expected to close in BD’s late fiscal year 2016 or early fiscal year 2017, and is contingent on customary closing conditions, including necessary regulatory approvals and consultations with employee representatives bodies in Europe.
BD’s Respiratory Solutions business includes Ventilation, Respiratory Diagnostics, Vital Signs and AirLife business lines and has estimated annual revenue of approximately $900 million, with the new independent company expected to employ over 5,000 associates worldwide.
The Simpson Thacher team includes Ryerson Symons, Lauren Colasacco, Jivaji More, Bassam Chain, Sung Jin and Samantha Fox (M&A); Gary Mandel, Sophie Staples and William Smolinski (Tax); Brian Robbins, Douglas Tang and Meaghan Krupa (Executive Compensation and Employee Benefits); Lori Lesser and Amber Harezlak (Intellectual Property); Timothy Mulvihill (Environmental); and Krista McManus (Real Estate).