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Smiths Group sells £70m of ICU Medical shares
(Sharecast News) - Engineering firm Smiths Group has sold a third of its stake in US-listed IV therapy specialist ICU Medical for £70m. 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.
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