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Merit Medical Completes Acquisition Of Thomas Medical Products, A Unit Of GE Healthcare

Stocks in this article: MMSI

SOUTH JORDAN, Utah, Dec. 20, 2012 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. ("Merit") (Nasdaq:MMSI), a leading manufacturer and marketer of proprietary disposable devices used primarily in cardiology, radiology and endoscopy, today announced that it has completed the acquisition of Thomas Medical Products, Inc. ("Thomas Medical") from GE Healthcare in an all-cash transaction valued at approximately $167 million, subject to customary post-closing adjustments.

"The acquisition of Thomas Medical Products adds significant technology and sales base to our cardiology business," said Fred P. Lampropoulos, Merit's Chairman and Chief Executive Officer. "Additionally, Thomas Medical adds substantial breadth to our existing OEM business which is approaching $100 million in annual revenues."

Thomas Medical will now operate as Merit Medical Systems, Inc., Malvern Division.

Merit financed the full amount of the purchase price through the expansion of Merit's existing credit facility to $275 million, which Wells Fargo Bank provided in a single bank transaction. Merit expects the acquisition to be immediately accretive to its net earnings on a non-GAAP basis, adjusted for transaction costs, one-time purchase accounting directives and amortization of intangibles. 

In connection with the transaction, Piper Jaffray & Co. served as financial advisor to Merit and rendered a fairness opinion to Merit's board of directors. Raymond James Financial, Inc. also rendered a fairness opinion to Merit's board of directors. Parr Brown Gee & Loveless served as the legal advisor to Merit. Moelis & Company LLC served as financial advisor and Paul Hastings LLP served as legal advisor to GE Healthcare.

ABOUT MERIT

Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture and distribution of proprietary disposable medical devices used in interventional and diagnostic procedures, particularly in cardiology, radiology and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force totaling approximately 165 individuals. Merit employs approximately 2,800 people worldwide with facilities in Salt Lake City and South Jordan, Utah; Angleton, Texas; Richmond, Virginia; Maastricht and Venlo, The Netherlands; Paris, France; Galway, Ireland; Beijing, China; Copenhagen, Denmark; Rockland, Massachusetts and Malvern, Pennsylvania.

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