Imperial Innovations Group plc (AIM: IVO, 'the Group', 'Innovations') notes that portfolio company SIW Holdings Limited ('SIW Holdings' or the 'Company'), the holding company of Stanmore Implants Worldwide Limited ('SIW Limited'), has sold its business to Stryker Corporation ('Stryker') for a completion payment of £35.6 million.
The transaction is being effected by the sale of SIW Holdings' wholly-owned subsidiary and operating company SIW Limited. Through Innovations' interest in SIW Holdings, the Group will share in the net proceeds of circa £4.8 million once they have been distributed by SIW Holdings to its shareholders. Prior to the sale, Innovation's had a 16.4% interest in the Company. This transaction will crystallise a net fair value gain of circa £1.4 million.
Stanmore Implants is an orthopaedics company focused on the specialist design and manufacture of patient-specific implants for complex orthopaedic reconstructions. It has developed a range of implant solutions for early intervention and complex bone and joint reconstruction and works closely with surgeons performing limb preservation implant procedures arising from complex revision arthroplasty, oncology, and trauma.
Stryker is one of the world's leading medical technology companies and, together with their customers, they are driven to make healthcare better. Stryker offers a diverse array of innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes. Stryker is active in over 100 countries around the world.