Steris paying $540 mln for BD surgical instrument unit

Becton, Dickinson and Co. (BD)
BDX,
-0.84%
said Tuesday it agreed to sell its surgical instrumentation platform to Steris for
STE,
-0.01%
for $540 million, or about 3.2 times the annual revenue of $170 million for the units included in the deal. Steris said the deal is expected to add to its earnings after it closes by Sept. 30, as expected. BD stock is up 1.7% in 2023, while Steris stock is up 15.7% so far this year, compared to a 14.9% increase by the S&P 500
SPX,
-0.47%.