Private equity company buys Bausch & Lomb

Bausch & Lomb has agreed to be acquired by private equity firm Warburg Pincus for $3.67bn it was announced as Optician went to press, (Wednesday).

The total transaction was valued at approximately $4.5bn, including approximately $830m of debt.

Under the terms of the agreement, affiliates of Warburg Pincus will acquire all of the outstanding B&L common stock for $65 per share in cash. Additionally, according to the agreement, should B&L agree to accept a higher offer within 50 calendar days it will pay Warburg a $40m break-up fee.

Commenting on the announcement, William H Waltrip, lead director and chairman of the Special Committee of the B&L board of directors, said: 'After extensive negotiations and careful and thorough analysis, together with our independent advisers, the special committee and our board have unanimously endorsed this transaction as in the best interest of the company and our shareholders.