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Alere completes sale of BBI business to Exponent Private Equity for $115 mn
Waltham, Massachusetts | Friday, November 20, 2015, 17:00 Hrs  [IST]

Alere Inc., a global leader in rapid diagnostics announced the completion of the previously announced sale of its BBI business to Exponent Private Equity LLP, a UK-based private equity firm. BBI Group provides products and services for the diagnostic, healthcare, research, defense and food industries globally.

The total purchase price was $115 million, based on foreign exchange rates as of November 17, 2015. Alere is eligible to receive up to an additional $47 million in contingent consideration.

Alere intends to use all of the proceeds to pay down existing indebtedness.

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