Hologic has completed the sale of its Cynosure medical aesthetics business to an affiliate of investment funds managed by Clayton, Dubilier & Rice.
The sale closed for $205 million in cash, and Hologic received about $142 million in net cash proceeds after closing adjustments. When Hologic paid to acquire Cynosure in 2017, the company paid $66 per share for a total value of approximately $1.65 billion and an enterprise value of $1.44 billion net of cash.
Cynosure fell short of Hologic's expectations, according to Steve MacMillan, Hologic's chairman, president, and CEO. He noted the sale will "unlock value" for Hologic shareholders when he announced the divestiture in November 2019.