ABBOTT PARK, Ill.—The $1.36 billion acquisition of eyecare-product and laser-surgery firm Advanced Medical Optics (AMO) by medical-products and drug maker Abbott Laboratories closed Feb. 26, following completion of tender offers by both companies.
AMO was renamed Abbott Medical Optics upon completion of the acquisition, an Abbott announcement said.
On Jan. 12, Abbott revealed plans to buy Santa Ana, Calif.-based AMO for $22 per share. Including debt, the acquisition is worth about $2.8 billion.
As of Feb. 24, Abbott had tendered just under 56.4 million shares of AMO’s common stock, giving it roughly 83 percent of the company’s approximately 62 million outstanding shares.
Advanced Medical Optics said the same week that about 99.3 percent of its outstanding notes—valued at $248.3 million—had been tendered during its own offer.
Advanced Medical is now a wholly owned subsidiary of Abbott. With the acquisition, “we’re entering a market that’s aligned with demographic trends and growing medical need," said John Capek, Abbott’s executive vice president, medical devices. “This acquisition provides Abbott access to a $22 billion global market and the opportunity to help a very large patient population.”
Jim Mazzo, AMO’s chairman and CEO, is expected to remain with Abbott as president of AMO, according to an earlier announcement by Abbott.