Alere Inc. (NYSE: ALR), a global leader in rapid diagnostics announced today the completion of the previously announced sale of its BBI business to Exponent Private Equity LLP, a UK-based private equity firm. BBI Group provides products and services for the diagnostic, healthcare, research, defense and food industries globally.
The total purchase price was $115 million, based on foreign exchange rates as of Nov, 17, 2015. Alere is eligible to receive up to an additional $47 million in contingent consideration.
Alere intends to use all of the proceeds to pay down existing indebtedness.