Baring agrees to sell Lumenis surgical business to Boston Scientific for $1.07 bln

By Kane Wu

HONG KONG, March 3 (Reuters) - Baring Private Equity Asia said Wednesday it has agreed to sell the surgical business of its portfolio company Lumenis to Boston Scientific for $1.07 billion.

The Hong Kong-based private equity firm bought Israel-based Lumenis, the world’s largest energy-based medical device company for aesthetics, surgical and vision applications, in November 2019 for an enterprise value of over $1 billion.

The sale of Lumenis' surgical business will enable the company to accelerate investment in research and development, global sales and marketing channels, as well as in business development initiatives, Baring said in a press release.

The proceeds will also be used to pay off some of the company's debt, said a person with knowledge of the matter.

Lumenis' surgical business focuses on laser and fibers solutions for minimally-invasive surgical procedures in Urology and ENT.

Boston Scientific, which has been the exclusive U.S. distributor for Lumenis Holmium Laser Fibers used in urologic treatments, will acquire its robot product portfolio, its team of experts and a surgical laser centre in Israel as part of the deal.

Baring will keep running Lumenis' high-growth aesthetics and vision businesses after the sale, it said.

(Reporting by Kane Wu, editing by Louise Heavens)