Advertisement
Singapore markets closed

  • Straits Times Index

    3,176.51
    -11.15 (-0.35%)
     

  • Nikkei

    37,068.35
    -1,011.35 (-2.66%)
     

  • Hang Seng

    16,224.14
    -161.73 (-0.99%)
     

  • FTSE 100

    7,895.85
    +18.80 (+0.24%)
     

  • Bitcoin USD

    64,137.94
    +678.71 (+1.07%)
     

  • CMC Crypto 200

    1,380.64
    +68.02 (+5.18%)
     

  • S&P 500

    4,967.23
    -43.89 (-0.88%)
     

  • Dow

    37,986.40
    +211.02 (+0.56%)
     

  • Nasdaq

    15,282.01
    -319.49 (-2.05%)
     

  • Gold

    2,402.90
    +4.90 (+0.20%)
     

  • Crude Oil

    83.22
    +0.49 (+0.59%)
     

  • 10-Yr Bond

    4.6150
    -0.0320 (-0.69%)
     

  • FTSE Bursa Malaysia

    1,547.57
    +2.81 (+0.18%)
     

  • Jakarta Composite Index

    7,087.32
    -79.50 (-1.11%)
     

  • PSE Index

    6,443.00
    -80.19 (-1.23%)
     

Smith & Nephew to sell gynaecology unit to Medtronic

Reuters

(Reuters) - Smith & Nephew Plc, Europe's biggest maker of artificial knees and hips, said it would sell its gynaecology unit to medical device maker Medtronic Plc for $350 million (240 million pounds)

The proceeds would be returned to shareholders through a $300-million share buyback, Smith & Nephew said on Wednesday.

The unit, which primarily comprises a system for uterine surgery, generated $56 million in revenue in 2015, slightly more than 1 percent of the company's total revenue.

The deal is expected to reduce adjusted earnings per share by less than 1 cent in 2016 and be neutral in 2017, Smith & Nephew said.

ADVERTISEMENT

The Smith & Nephew deal follows Medtronic's investment in Mazor Robotics Ltd announced earlier in the day. The company plans to buy up to 15 percent in the Israel-based surgical robotic guidance maker.

Shares in Smith and Nephew were down 1 percent at 1139 pence on the London Stock Exchange at 1228 GMT. Medtronic's shares were unchanged in trading before the bell.

(Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Sriraj Kalluvila)