(RTTNews) – German conglomerate Bayer AG Tuesday said it closed on its previously announced agreement to sell its Diabetes Care business to Panasonic Healthcare Holdings Co., Ltd. The total consideration for the transaction was around 1 billion euros or 132 billion Japanese yen.
The sale includes Contour portfolio of blood glucose monitoring meters and strips, as well as other products such as Breeze2, Elite and Microlet lancing devices.
Panasonic Healthcare is backed by funds sponsored by investment firm KKR (KKR) and Japanese consumer electronics giant Panasonic Corp. (PCRFF, PCRFY). The new stand-alone Diabetes Care business is named Ascensia Diabetes Care Holdings and is headquartered in Basel, Switzerland.
Bayer Diabetes Care or BDC, is a provider of blood glucose monitoring systems to people with diabetes and healthcare professionals around the world. Bayer’s Diabetes Care business accounted for 909 million euros in sales in 2014.
It was in June last year that Panasonic Healthcare agreed to acquire the diabetes devices business from Bayer for 1.02 billion euros or $1.16 billion to create a truly global diabetes care solutions business.
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