Peak Rock Capital LLC entered into a definitive agreement to acquire Dental segment of STERIS plc for $800 million on April 11, 2024. The Transaction is structured as an equity sale. The Transaction terms also include the opportunity for STERIS to receive an additional earnout of up to $12.5 million, subject to the achievement of certain revenue targets of the Dental segment in fiscal 2025. The Transaction is subject to customary closing conditions, including regulatory review, and is anticipated to close in the first quarter of fiscal year 2025. STERIS intends to use the proceeds primarily to repay debt. The Dental segment reported revenue of $407 million and operating income of $86 million in the trailing twelve-month period ended December 31, 2023.
Guggenheim Securities is serving as financial advisor and Jones Day as legal counsel to STERIS for the Transaction.