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Investing.com-- Eye care firm Alcon AG (NYSE:ALC) said on Tuesday it had entered a definitive agreement to buy U.S.-listed peer STAAR Surgical Company (NASDAQ:STAA) in an all cash deal for an equity value of $1.5 billion.
Alcon will pay $28 for each share in STAAR, representing a roughly 51% premium to STAAR’s close on Monday.
The deal is intended largely to fold STAAR’s refractive lens and surgical technology into Alcon’s portfolio, the company said in a joint statement with STAAR, and will allow the company to provide treatments across the full spectrum of myopia and other vision loss.
The deal is expected to be accretive to Alcon’s earnings in its second year, and is expected to close in roughly six to 12 months, depending on regulatory and shareholder approval.
STAAR’s board recommended the transaction to shareholders, stating that the deal delivered value at a “significant premium” that could exceed STAAR’s standalone strategy.
Alcon is a Swiss-American medical firm specializing in eye care. The company was a unit of Novartis (SIX:NOVN) until it was spun out in 2019.