Germany’s industrial gases supplier Linde AG to acquire Lincare for $4.6 bn

Linde AG, the world's second-biggest supplier of industrial gases, yesterday said that it will acquire Lincare Holdings Inc, a US-based provider of oxygen and respiratory therapy services to homecare patients, for $4.6 billion in cash.

Munich, Germany-based Linde is offering $41.50 per common share, a premium of 22 per cent to Lincare's closing of $34.02 on 30 June.
 
The total deal price of $4.6 billion includes about $800 million debt.
 
The proposed acquisition comes less than six month after Linde proposed buying the Continental-European homecare business of US rival Air Products and Chemicals in a $750-million deal to expand its homecare respiratory business. (See: Germany's Linde to buy Air Products' European homecare unit for $750 mn)

Homecare is the term applied to medical services relating to the treatment of patients in settings other than hospitals. It comprises respiratory services such as oxygen therapy, sleep therapy, and ventilation services.

Lincare, headquartered in Clearwater, Florida, is one of the nation's largest providers of respiratory therapy and other services to patients in the home with a 28 per cent market share in the $12 billion US market.

The company provides services and equipment to more than 750,000 customers in 48 states through 1,071 local centres.

The company posted revenues of $1.8 billion in 2011 and expects sales to increase to $2.042 billion in 2012.