Kinetics Concepts to be bought for $6.3 billion

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U.S.-based medical device company, Kinetic Concepts will be purchased by a consortium of investment funds advised by Apax Partners—together with Canada Pension Plan Investment Board and the Public Sector Pension Investment Board—for $68.50 per share. The cash acquisition totals approximately $6.3 billion, including KCI’s outstanding debt, and is expected to close this November.

Kinetic Concepts shareholders approved the acquisition in a special meeting held Oct. 28, in San Antonio. The board of directors unanimously approved the merger agreement in July, later filing a definitive proxy statement with the Securities and Exchange Commission.

The company focuses on the design, manufacture, marketing and service of therapies and products for wound care, tissue generation and therapeutic support systems, according to a release, and reported earnings of $2 billion in 2010.