3.01%QQQQ 43.66 3.24%XLF 20.98 4.90%
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NEW YORK - Kinetic Concepts Inc. which elaborates products to heal wounds agreed to buy $1.7 billion in cash for LifeCell Corp. to expand the diversity of its products.
| KCI | 34.11 |  -0.53 |
Kinetic offered $51 per share, 18 percent higher than the closing price of LifeCell on Friday. Excluding amortization, the deal would hurt earnings per share initially but would boost earnings per share during 2009 and generate significant earnings by 2010, Kinetics said.
The acquisition of LifeCell will help both companies to develop products to prevent scarring during surgery using human skin tissue, the companies said. Until now Kinetic Concepts has focused on products to care severe wounds and products used in operating rooms.
In order to finance the acquisition, Kinetic said it would use cash on hand and proceeds from a debt financing from Bank of America and JP Morgan Chase Bank.
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