Halyard Health announced it has entered into a definitive agreement to acquire CoolSystems, marketed as Game Ready, a market-leading provider of cold therapy and compression therapy systems for a total consideration of $65M in cash. Game Ready’s revenues in 2017 were approximately $35 million. The transaction is expected to be immaterial to Halyard’s fiscal year 2018 adjusted dilutive net earnings per share, and slightly accretive to earnings in 2019. Halyard is reaffirming its 2018 adjusted dilutive net earnings per share guidance of $1.65 to $1.85, which includes earnings from both continuing and discontinued operations. Halyard intends to fund the acquisition from current cash and the transaction is expected to close early in the third quarter.
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