TPG Taking Immucor Private in $2B Deal

Immucor (NASDAQ:BLUD), a medical device maker focused on blood transfusions, has inked a deal to be acquired by private equity company TPG Capital for $1.973 billion in an effort to build its global platform.

Under the terms of the transaction, Immucor shareholders will receive $27 in cash for each of their shares, representing a premium of about 30.2% over its closing price on Friday.

"This transaction enables our shareholders to realize significant, immediate value while at the same time allowing Immucor to remain well-positioned to continue pursuing growth opportunities," Immucor chairman Joseph Rosen said in a statement on Tuesday.

An affiliate of TPG, IVD Acquisition Corp., is expected to commence a tender offer for all Immucors outstanding shares no later than July 15.

The tender offer is conditioned upon satisfaction of 84% of the companys common shares. The deal, which is slated to close in the second half of this year, has been unanimously approved by the Immucor board.

Immucor, which reported in April its third-quarter profit jumped 13%, may solicit proposals from third parties through August 15.