Cardinal Health To Sell Cordis Business To Hellman & Friedman

(RTTNews) - Cardinal Health (CAH) said that it agreed to sell its Cordis business to Hellman & Friedman (H&F) for about $1 billion. The deal price includes buyer's assumption of certain liabilities and seller's retention of certain working capital accounts.

The transaction is expected to close in the first half of Cardinal Health's fiscal year 2022.

Cardinal Health noted that it will classify the Cordis business as held for sale, which Cardinal Health expects to result in a pre-tax loss of up to $120 million in the third quarter of its fiscal year 2021.

In addition, Cardinal Health was authorized to incur costs associated with the planned divestiture of up to $125 million, primarily in its fiscal years 2021 and 2022.