Ansell Ltd. (ASX:ANN) entered into an agreement to acquire BarrierSafe Solutions International, Inc. from Odyssey Investment Partners, LLC, Morgan Stanley Private Equity and others for approximately $620 million on November 25, 2013. The acquisition and associated transaction costs will be funded by a committed debt facility of $300 million as well as the raising of new equity through a fully-underwritten private placement of $308 million and a portion of a non-underwritten share purchase plan of up to $91 million to all eligible shareholders in Australia and New Zealand. For the 12 months ended October 2013, BarrierSafe Solutions International, Inc. generated $285 million in revenue and $64 million in EBITDA. BarrierSafe's Chief Executive Officer Michael Mattos and Chief Operating Officer/Chief Financial Officer Joseph Kubicek will become part of the Ansell leadership team on completion of the transaction.

The agreement is subject to U.S. anti-trust clearance, regulatory approvals and customary closing conditions and is expected to complete during the first quarter of 2014. On a normalized basis, excluding non-recurring costs, the acquisition is expected to be accretive to earnings per share in financial year 2014 and 2015. After including non-recurring costs the acquisition is expected to be marginally dilutive to reported earnings per share in financial year 2014 and accretive in financial year 2015. UBS acted as financial advisor to Ansell and Drinker Biddle & Reath LLP and Baker & McKenzie acted as legal advisors to Ansell. Richard Lustig, Andrew Reilly, Andrew Chin, Rick Troiano and Peter Moh of Baker & McKenzie acted for Ansell to raise equity to fund the acquisition. Lazard Ltd. acted as financial advisor for BarrierSafe Solutions International. John Giouroukakis, Colin Bumby, Justin Kim, Dennis Lamont, Jocelyn Noll, Kirk Davenport Ii and Bradd Williamson of Latham & Watkins LLP acted as legal advisors for BarrierSafe Solutions and Odyssey Investment Partners.

Ansell Ltd. (ASX:ANN) completed the acquisition of BarrierSafe Solutions International, Inc. from Odyssey Investment Partners, LLC, Morgan Stanley Private Equity and others on January 2, 2014.