US-based Becton, Dickinson and Company (BD) has entered a definitive deal to offload its Surgical Instrumentation platform to Steris in a deal valued at $540m.

The platform is part of the BD Surgery business operating within the BD Interventional division.

BD's deal will include V Mueller, Snowden-Pencer and Genesis branded products, as well as three manufacturing plants in St Louis, Missouri; Cleveland, Ohio, US; and Tuttlingen, Germany.

The assets that are part of the deal represent nearly $170m of annualised revenue.

Following the completion of the deal, 360 Surgical Instrumentation employees will join STERIS.

Subject to the satisfaction of customary closing conditions and the US Federal Trade Commission regulatory clearance, the deal is anticipated to be completed within BD’s fiscal year 2023, which ends on 30 September.

The sale supports BD 2025 strategy’s ‘Simplify’ pillar and helps in simplifying the company’s manufacturing system and product offering.

The Surgical Instrumentation platform currently operates three manufacturing facilities and approximately 20,000 stock-keeping units under its portfolio.

In addition, the deal helps BD achieve its 2025 financial targets, such as growth in revenue and margin expansion.

Cash proceeds from the deal will continue to be used as per BD’s capital allocation priorities to facilitate sustained durable growth.

BD Interventional segment president Rick Byrd said: “The Surgical Instrumentation platform has a 120-year legacy of providing reliable and trusted high-quality products and STERIS is well positioned to maximise the value of this extensive portfolio and is fortunate to be adding such a dedicated and talented team to its organisation.

“This transaction further advances the BD Interventional segment's focus on high-growth end markets.”