Siemens raises $1.5B by selling stake in Healthineers imaging division
German multinational technology conglomerate Siemens is raising $1.5 billion (USD) by selling a stake in its Healthineers division that includes medical imaging products.
Reuters reported news of the sale Thursday, noting that Siemens will use the proceeds to pay for its acquisition of software firm Altair Engineering. It’s selling roughly 2% (or 26.5 million shares) in the health division, reducing Siemens’ stake from 75% to 73%.
The company has agreed to a “customary lock-up undertaking,” ceasing selling additional shares for 90 days, according to an announcement. Siemens expects to close the deal by Feb. 24.
In October, the company announced plans to buy artificial intelligence software firm Altair Engineering for over $10 billion—the second largest acquisition in its history.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.