ResMed closes deal, promotes Price
SAN DIEGO – ResMed has completed its acquisition of Brightree. The $800 million cash transaction is expected to be immediately accretive to gross margins and non-GAAP diluted earnings per share, the company stated in a press release headlined “It’s a New Day for HME Business Efficiency.” In connection with the acquisition, ResMed has entered into a first amendment to its credit agreement, increasing the size of its senior unsecured revolving credit facility from $700 million to $1 billion, according to Reuters. The amendment includes an uncommitted option to increase its revolving credit facility by an additional $300 million. In other news, ResMed has appointed Andrew Price president of Innovation and Operations. Previously, he was the company’s senior vice president, Global Manufacturing and Logistics. Before that, Price was vice president of marketing for Asia Pacific, and vice president of product development and marketing for the company’s Sleep Disordered Breathing business unit.