$2.3bn deal with TA Associates is latest in a series of UK acquisitions by overseas buyers

The UK engineering firm Smiths Group has agreed to sell its medical division to the US private equity firm TA Associates in a $2.3bn (£1.7bn) deal, in the latest of a string of UK acquisitions by overseas buyers.

Smiths Medical makes ventilators, syringe pumps and tracheostomy tubes for hospitals worldwide, and its sale effectively breaks up the FTSE 100-listed engineering conglomerate.

Smiths, which helped to produce ventilators for the UK government early in the coronavirus pandemic, said the deal would help it focus on its core industrial technology business. It has been trying to spin off its medical arm for several years, either through a sale or demerger, but these efforts had been delayed by Covid-19.

Read more/Source: Private Equity Wire