Smith & Nephew Completes Divestiture Of Its Gynaecology Business

(RTTNews) - Smith & Nephew plc (SN.L, SNN) said that it has completed the divestiture of its Gynaecology business to Medtronic plc (MDT) for $350 million.

The company noted that its shareholders will benefit directly through a $300 million share buy-back programme. The divestment is expected to be broadly neutral to adjusted earnings per share ('EPSA') in 2017, after the share buy-back, and to reduce EPSA by less than 1.0¢ in 2016.

The maximum pecuniary amount allocated to the buy-back programme is $300 million and the maximum number of shares that will be purchased is estimated to be 18.3 million1 based on the prevailing share price and GBP/USD exchange rate. The buy-back programme, the purpose of which is to reduce the Company's share capital, commences today and will end no later than 31 March 2017.