Linde acquires Lincare, doubles sales in North American gas division

Linde acquires Lincare, doubles sales in North American gas division

10:54 AM, 2nd July 2012
Linde acquires Lincare, doubles sales in North American gas division
Dr Wolfgang Reitzle, CEO, Linde.

MUNICH, GERMANY: The Linde Group has entered into a definitive agreement for the acquisition of Lincare Holdings Inc, a US-based homecare health company. Linde will make a tender offer for all outstanding shares of common stock of Lincare at $41.50 per share in cash. Following the purchase of shares in the tender offer, Linde intends to complete the acquisition of Lincare through a merger, following which Lincare will become a wholly owned subsidiary of Linde.

The price of $41.50 represents a premium of 64 per cent over Lincare’s share price of $25.26 on 26 June 2012, and also represents a premium of 49 per cent over the three month volume weighted average price per Lincare share. The total consideration of the transaction will be $4.6 billion. By acquiring Lincare, Linde will double sales in its North American Gases Division and respectively regaining market strength. Following the acquisition, Linde will generate annual sales of €2.8 billion from healthcare. With 11,000 employees, Lincare generated sales of €1.5 billion and EBITDA of €363 million in 2011.

“This strategic acquisition enables us to take the next big step in this stable, sustainable and profitable business field. Together with Lincare, we will become the global leading healthcare provider within the gases industry and further internationalize our business. Our U S subsidiary, LifeGas, already enjoys a close business relationship with Lincare for several years. We are looking forward to welcoming the Lincare management and all employees to The Linde Group,” said Dr Wolfgang Reitzle, CEO, Linde.

© WOC News

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