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Johnson & Johnson receives $2.8B offer from Fortive for sterilization business

Johnson & Johnson received a binding offer of $2.8 billion for its advanced sterilization products business from industrial equipment maker Fortive Corp.

The business, a division of the pharmaceutical giant's surgical instruments unit, Ethicon Inc., sells products for cleaning medical devices to prevent infections.

Everett, Wash.-based Fortive's offer comprises $2.7 billion in cash and $100 million in the form of retained net receivables.

The advanced sterilization products business generated net revenue of about $775 million in 2017.

Johnson & Johnson has 120 days to accept the offer, unless extended, during which time it plans to consult relevant works councils.

If accepted, the deal would be expected to close no later than early 2019, subject to customary closing conditions and regulatory approvals.

Bloomberg reported in February that Johnson & Johnson was looking to divest its sterilization products unit for as much as $2 billion.