Gyrus buying ENT business from S&N

Gyrus Group of the UK is to acquire the ear, nose and throat devicesdivision from Smith & Nephew for $93 million in cash, $75 million of which will be payable once the deal closes. This is due to take place in early June, with the remainder to be paid by January 2003. The ENT business, based in Tennessee, USA, achieed turnover of around $42 million in 2000 and its products are sold in over 60 countries.

....and acquiring Somnus for $55.7 million

Gyrus also announced that it has agreed to buy the US Nasdaq-listed firm Somnus Medical Technologies, which develops medical devices for minimally-invasive surgery, for around $55.7 million or $3.11 per share. The latter's sales last year reached just over $12 million. In order to finance its spending spree, Gyrus is looking to raise L100 million ($143 million) in an offer of new shares, underwritten by broker WestLB Panmure. The company has also raised some L7.5 million from West Equity Bridge Finance.