Reuters: Mergers News: UPDATE 1-Synergy Health profit rises; to buy SRI/Surgical Express

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Synergy Health profit rises; to buy SRI/Surgical Express Jun 7th 2012, 07:08 Thu Jun 7, 2012 3:08am EDT * To pay $3.70 per SRI share * Deal at 2 pct discount to SRI's Wednesday close * Expects deal to add to Synergy earnings from first FY * 2011 rev up 9 pct to 312 mln stg * Adj profit 43.4 mln stg vs 38.3 mln stag last year June 7 (Reuters) - Synergy Health Plc said it would buy SRI/Surgical Express Inc for $25.1 million to expand its footprint in the U.S. market, and said growth in emerging markets boosted its full-year adjusted profit by 13 percent. Synergy, which provides sterilisation services to hospitals, said it would pay $3.70 per SRI share, a 2 percent discount to SRI's closing price on Wednesday. SRI/Surgical is a supplier of sterile surgical gowns and surgical instruments to hospitals and surgery centres in the United States. Synergy Health has been trying to develop a hospital outsourcing service in the United States, and had acquired MSI Surgical Solutions, a provider of outsourced sterilisation services, in March. Synergy expects the deal, which it will fund through existing debt facilities, to add to its earnings from the first financial year. For the year ended April 1, the company's adjusted profit before tax climbed 13 percent to 43.4 million pounds. Synergy's revenue rose 9 percent to 312 million pounds. Revenue from Asia and Africa grew at the highest rate of 32 percent. Synergy shares were up marginally at 825 pence at 0705 GMT on the London Stock Exchange on Thursday. SRI/Surgical Express closed at $3.77 on Wednesday on the Nasdaq. Link this Share this Digg this Email Reprints

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