FTC Wants To Block Steris/Synergy Merger

The companies plan to contest the Federal Trade Commission's action, although they say they have yet to see FTC's formal complaint. The deal, valued at $1.9 billion, would allow U.S.-based Steris to reduce its corporate tax rate by redomiciling to Synergy's home in the U.K., creating a $2.6 billion entity.

The U.S. Federal Trade Commission has informed Steris Corp. and Synergy Health PLC that it plans to block the companies' proposed merger that was first announced in October. Both companies plan to contest FTC's decision and complete the proposed $1.9 billion deal as soon as possible, the firms said May 29.

Steris, a sterilization and decontamination technology firm based just outside Cleveland, wants to buy Synergy, a U.K.-based sterilization outsourced services...

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