Ansell Limited (ASX:ANN) entered into a binding agreement to acquire Personal Protective Equipment business of Kimberly-Clark Corporation (NYSE:KMB) for $640 million on April 8, 2024. The acquisition was funded through $263 million fully underwritten institutional placement and a new $377 million Bridge Facility. For the 12 months ended 31 December 2023, Personal Protective Equipment business generated revenue of $272 million, EBITDA of $66 million and EBIT of $66 million.

Personal Protective Equipment business reported implied EV/EBIT multiple of 9.7. The Acquisition is expected to complete in the first quarter of FY25, subject to satisfaction of antitrust approval and other customary closing conditions. J.P. Morgan Securities LLC and Centerview Partners LLC acted as financial advisor to Kimberly-Clark Corporation (NYSE:KMB). Goldman Sachs Australia Pty Ltd acted as financial advisor to Ansell Limited (ASX:ANN).