Despite ditching its earlier plan to spin off the critical care unit, Bernard Zovighian, Edwards’ CEO, said the underlying rationale for separating the business remains the same: to focus on its structural heart disease portfolio.
Franklin Lakes, New Jersey-based Becton Dickinson expects to fund the transaction with $1 billion of cash and $3.2 billion of new financing, with Perella Weinberg Partners and Citi as financial advisers.
Goldman Sachs & Co. and Morgan Stanley & Co. are Edwards’ financial advisers.
The Ropes & Gray team representing Becton Dickinson includes mergers and acquisitions partners Emily Oldshue and Marko Zatylny; tax partner Benjamin Rogers; executive compensation and employee benefits partner Jenny Rikoski Whitney; litigation and enforcement partners Jonathan Klarfeld and Ruchit Patel; life sciences licensing partner Amanda Austin; healthcare partner Jennifer Romig; data, privacy and cybersecurity partner Ed McNicholas; life sciences regulatory and compliance partners Josh Oyster and Katherine Wang; employment partner Richard Kidd; and real estate partner David Kaye.
