19 03 2016

Apax to Form Joint Venture with Becton Dickinson for Respiratory Solutions Business

Simpson Thacher 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


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 (Picture), 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).  Involved fees earner: Ryerson Symons - Simpson Thacher & Bartlett; Lauren Colasacco - Simpson Thacher & Bartlett; Jivaji More - Simpson Thacher & Bartlett; Bassam Chain - Simpson Thacher & Bartlett; Sung Jin - Simpson Thacher & Bartlett; Samantha Fox - Simpson Thacher & Bartlett; Gary Mandel - Simpson Thacher & Bartlett; Sophie Staples - Simpson Thacher & Bartlett; Brian Robbins - Simpson Thacher & Bartlett; Douglas Tang - Simpson Thacher & Bartlett; Meaghan Krupa - Simpson Thacher & Bartlett; Lori Lesser - Simpson Thacher & Bartlett; Amber Harezlak - Simpson Thacher & Bartlett; Timothy Mulvihill - Simpson Thacher & Bartlett; Krista McManus - Simpson Thacher & Bartlett;

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