Smiths Group sells £70m of ICU Medical shares
Smiths Group
1,730.00p
16:34 20/12/24
-0.06%
-1.00p
Engineering firm Smiths Group has sold a third of its stake in US-listed IV therapy specialist ICU Medical for £70m.
FTSE 100
8,084.61
17:04 20/12/24
n/a
n/a
FTSE 350
4,463.29
17:14 20/12/24
n/a
n/a
FTSE All-Share
4,421.11
17:04 20/12/24
n/a
n/a
General Industrials
7,406.54
17:14 20/12/24
0.23%
16.86
Smiths, which sold the Smiths Medical division to ICU back in January 2022 for $2.7bn, received $500m-worth of ICU shares as part of the deal. However, the Nasdaq stock has dropped more than 50% since the disposal.
On Friday, the company said it had offloaded 830,000 ICU shares, representing a 3.44% of shareholding and 33% of its own stake.
Smiths said the sale raised $88m which will be used for "general corporate purposes" and will leave the company with a remaining 6.92% stake.