Montagu Private Equity LLP agreed to acquire Medical Device Components business of Johnson Matthey Plc from Johnson Matthey Plc (LSE:JMAT) for £550 million on March 20, 2024. The consideration will be paid on a cash free debt free basis. The sale proceeds will be payable in cash at completion.

The gross assets that are the subject of this transaction amounted to £60 million as at September 30, 2023. Transaction is subject to regulatory approval. The transaction is expected to complete around Q3 2024.

Goldman Sachs International acted as exclusive financial adviser to Johnson Matthey. Raymond James & Associates, Inc. acted as financial advisor, Kirkland & Ellis LLP as legal advisor, and PwC acted as accounting due diligence transaction advisor to Montagu.