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Bausch & Lomb to Be Sold to Private Equity Firm
Bausch & Lomb, the eye health giant, has agreed to sell itself to affiliates of private equity firm Warburg Pincus for $4.5 billion, including debt. Bausch & Lomb is best known for its contact lenses but also makes lens care and ophthalmic surgical products, among other things. It ran into trouble last year when one of its contact lens solutions was found to be contaminated.The deal reflects the increased might of private equity firms in the financial world.
May 16, 2007
1 Min Read
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They have been gobbling up a number of large companies recently, including Chrysler. Bausch & Lomb's chairman and CEO, Ronald Zarrella, indicates why firms are willing to sell themselves to private equity concerns: "As a private company, Bausch & Lomb will have greater flexibility to focus on our long-term strategic direction to be a global leader in providing innovative and technologically advanced eye health products to eye care professionals and consumers." Translation: "Worrying about the short-term interests of Wall Street is a real pain, as is what happens to your stock price when something goes wrong with one of your products."
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