A private equity group led by Apax Partners has agreed to buy San Antonio-based Kinetic Concepts, a publicly traded wound-care and tissue-regeneration company, for $6.3 billion, including debt.
Kinetic earned revenue of $2 billion in 2010, Apax said in a statement. The consortium said further investments are expected for product development and to expand Kinetic's core business.
Morgan Stanley, Bank of America Merrill Lynch and Credit Suisse have committed secure debt financing for the deal. Slate, Meagher & Flom and Cox Smith Matthews are acting as legal counsel.
The buyout group, which also includes the pension funds Canada Pension Plan Investment Board and the Public Sector Pension Investment Board, expects to close the deal by the end of the year.