Buyer: Hill-Rom Holdings Inc.
Seller: Mortara Instrument Inc.
Sector: Medical Device
Hill-Rom Holdings Inc. today announced it signed a definitive agreement to acquire Mortara Instrument Inc for $330 million in cash. Mortara is a privately held leader in diagnostic cardiology and patient monitoring solutions, technologies, and devices. Mortara Instrument CEO Dr. Justin Mortara intends to join Hill-Rom and continue in his leadership capacity at Mortara Instrument.
Hill-Rom anticipates the structure of the acquisition will allow the company to qualify for a significant tax benefit, which at a net present value of approximately $40 million reduces the effective purchase price to approximately $290 million. Based in Milwaukee with offices in Australia, Italy, Germany, the Netherlands, and the U.K., Mortara has more than 400 employees globally and generated approximately $115 million in revenue in 2016. The transaction is expected to close in Hill-Rom’s fiscal second quarter of 2017, subject to customary closing conditions.