Smiths Group sells £70m of ICU Medical shares

1st Mar 2024 07:12

(Sharecast News) - Engineering firm Smiths Group has sold a third of its stake in US-listed IV therapy specialist ICU Medical for £70m.

Smiths, which sold the Smiths Medical division to ICU back in January 2022 for $2.7bn, received $500m-worth of ICU shares as part of the deal. However, the Nasdaq stock has dropped more than 50% since the disposal.

On Friday, the company said it had offloaded 830,000 ICU shares, representing a 3.44% of shareholding and 33% of its own stake.

Smiths said the sale raised $88m which will be used for "general corporate purposes" and will leave the company with a remaining 6.92% stake.