British company Smith & Nephew Medical (Smith & Nephew) Local 18 announced that it would gynecological its medical technology business was sold to Medtronic, Inc. (Medtronic), for $ 350 million (about 2.292 billion yuan). The company will return this part of the funds to shareholders through equity repurchase.
The global medical technology company said it will complete the sale in July this year. A stock repurchase program worth up to $300 million will be launched shortly thereafter.
Although the gynecological medical business generated revenues of US$56 million in 2015, accounting for 1% of the company's total revenue, Xerox believes that the sale of the gynecological medical business will have little impact on the company's adjusted earnings in 2017.
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