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Conmed to acquire surgical technology company Buffalo Filter for $365M

Medical device-maker Conmed Corp. plans to acquire privately held Buffalo Filter LLC for $365 million on a cash-free, debt-free basis.

Lancaster, N.Y.-based Buffalo Filter is a leading developer of surgical smoke-evacuation products, which include smoke-evacuation pencils, smoke evacuators and laparoscopic products.

Conmed President and CEO Curt Hartman said the acquisition will be a strategic fit for the company's general surgery portfolio. The acquisition of Buffalo Filter, which is part of the Filtration Group Corp., will be funded through debt, via a combination of new convertible notes and an expanded and amended credit facility.

Conmed said the acquisition will add a 0.5% increase to its revenue growth, while overall gross margins are expected to be neutral in 2019 and accretive thereafter. The transaction is expected to be neutral to adjusted cash earnings per share in 2019 and between 10 cents and 15 cents per share accretive in 2020.

The transaction will close in the first quarter of 2019 subject to customary closing conditions, including U.S. regulatory approval.

Barclays Capital is acting as financial adviser, Sullivan & Cromwell LLP is serving as legal counsel and J.P. Morgan is leading the financing for Conmed in connection with the transaction. Goldman Sachs is acting as financial adviser while Paul Hastings LLP is serving as legal counsel for Filtration Group in connection with the transaction.

Conmed produces surgical devices and equipment for minimally invasive procedures.