Boston Scientific to sell off its investment portfolio for $140M
Boston Scientific has elected to sell off pieces of its investment portfolio in two transactions for a total of $140 million.
The company said that the sale is intended raise cash and reduce debt from its $27 billion acquisition of Guidant two years ago.
Saints Capital, a San Francisco-based investment company, bought holdings in a portfolio of 54 companies from the Natick, Mass.-based Boston Scientific for $100 million before taxes. In another transaction, private equity firm Paul Capital Partners bought Boston Scientific’s investments in a portfolio of venture funds and companies for $40 million.
In other cost-cutting measures, in October 2007, Boston Scientific announced plans to cut 2,300 jobs, or 8 percent of its work force, to help reduce annual operating expenses by $500 million.
The company said that the sale is intended raise cash and reduce debt from its $27 billion acquisition of Guidant two years ago.
Saints Capital, a San Francisco-based investment company, bought holdings in a portfolio of 54 companies from the Natick, Mass.-based Boston Scientific for $100 million before taxes. In another transaction, private equity firm Paul Capital Partners bought Boston Scientific’s investments in a portfolio of venture funds and companies for $40 million.
In other cost-cutting measures, in October 2007, Boston Scientific announced plans to cut 2,300 jobs, or 8 percent of its work force, to help reduce annual operating expenses by $500 million.