Bausch & Lomb Bought Out

Bausch & Lomb (BOL Quote) was rising nearly 10% Wednesday after the company agreed to be acquired by affiliates of the private equity firm Warburg Pincus for roughly $3.7 billion.

The deal will see Warburg Pincus buy the maker of contact lenses for $65 a share, a 6% premium to its closing price Tuesday. Including $830 million of debt, the transaction is valued at about $4.5 billion.

Shares of Bausch & Lomb were up $6.15 to $67.60 in premarket trading. Rumors emerged last month that the company could be in play, sending its stock surging more than 11% on April 23.

"We believe this transaction with Warburg Pincus is good for the company's employees, partners in the eye care profession, and customers, as well as our shareholders," Ronald L. Zarrella, chairman and CEO of Bausch & Lomb, said in a press release.

He also said that as a private company, Bausch & Lomb will be better positioned to focus on its long-term goals of providing innovative and technologically advanced products to eye-health professionals and consumers.