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Yesterday our favourite medical devices consolidator announced another bolt-on acquisition. Stryker is buying Canadian listed TSO3 for C$68.4m ($52m), an 18% premium to its 30-day average.
TSO3 specialises in low temperature sterilisation. According to the website; "TSO3's innovative low-temperature sterilisation systems are transforming the way that healthcare professionals in hospitals and ambulatory surgical centres eliminate microbial contaminants that can cause patient infections".
We know full well here in South Africa how dangerous hospital bugs can be. This type of product is crucial for healthcare efficiency and literally saves lives.
It certainly makes sense as a bolt-on for Stryker's sales team. I can just picture the sales pitch. Buy our surgical equipment and we will throw in this cleaning device which will sterilise all the equipment for 20% off.
