BSX Sells Company, Venture Investments
Boston Scientific Corp. of Natick says it has reached an agreement to sell off about $140 million in investments to two investment and private equity firms.
According to the medical device company, investment firm Saints Capital of San Francisco will pay $100 million, mostly in cash, for Boston Scientific's investments in a portfolio of companies it considers "non-strategic." Boston Scientific expects to take a $60 million pre-tax loss on the sale in the second quarter. The company expects the sale to result in gains of about $25 million in the remainder of 2008.
Paul Capital Partners, a private equity firm also of San Francisco, will buy Boston Scientific investments in a portfolio of venture funds and companies for about $40 million. In that sale, Boston Scientific expects to record a pre-tax loss of about $10 million during the second quarter.
Boston Scientific said it would use after-tax proceeds of the sales to pay down debt.
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