Alcon strengthens lens business with major US acquisition

The eye care group Alcon is going on a shopping spree. On Tuesday, the Geneva-based company announced the acquisition of the US company Staar, a specialist in implantable lenses. +Get the most important news from Switzerland in your inbox As part of the agreement, Alcon is offering $28 in cash for each Staar share. The price is around 59% above the average price of the last three months and 51% above the previous day’s price. The deal has a total value of around $1.5 billion. The transaction is not subject to any financing conditions. Alcon intends to finance the transaction through the issuance of short and long-term credit facilities. The deal is expected to close within the next six to twelve months, subject to customary closing conditions. Alcon then expects a positive contribution to earnings from the second year onwards. The Boards of Directors of Alcon and Staar have each unanimously approved the transaction, according to the statement. The takeover primarily comprises ...