TPG buys Georgia healthcare company for $2bn

The Fort Worth, Texas-based firm expanded its healthcare portfolio with the purchase of Immucor, which produces automated diagnostic products for blood transfusions.

TPG Capital finalised an agreement to purchase Immucor, which makes automated blood transfusion equipment, in a transaction valued at about $2 billion. Stockholders in the Georgia-based healthcare equipment company will receive $27 per share in the deal in exchange for TPG’s 100 percent stake in the company.

The Texas-based firm is paying a 30.2 percent premium on Immucor’s 1 July per share closing price. The deal is expected to close later this year and is subject to the approval of the Federal Trade Commission. Immucor may entertain other offers through August 14.

Immucor develops products that detect and identify certain properties of the cell and serum components of blood prior to transfusion. The transaction was unanimously approved by Immucor’s board of directors.

TPG considered a number healthcare diagnostics opportunities prior to making the acquisition, sources close to the firm said. With Immucor, TPG will invest in technology and distribution in an effort to support the company’s growth.

TPG made a similar acquisition last year when it purchased Australian hospital chain Healthscope with The Carlyle Group for A$2.7 billion (€1.81 billion; $2.34 billion). The firms paid $6.26 per share a 51 percent premium to the three month volume weighted average price prior to 13 May, 2010. Earlier that year, TPG exited Parkway Holdings, a Singaporean health care service provider, for $685.3 million.

TPG’s other investments in healthcare and medical technology have included Apatalis Pharma, Biomet, Fenwal, IASIS Healthcare, Oxford Health Plans, Quintiles transnational and Surgical Care Affiliates.