US eye care giant Bausch & Lomb, which employs 1,500 people in Waterford, agreed this afternoon to be bought out by private equity fund Warburg Pincus for $4.5 billion.
A statement by the company based in New York, said Warburg Pincus will acquire all shares of Bausch & Lomb stock for $65 in cash, or a 26% premium to the average share price for 30 days prior to press reports of a potential acquisition.
The announcement came as the market of contact lenses and other eye care products was recovering from a massive recall of lens solutions linked to health problems.
'We believe this transaction with Warburg Pincus is good for the company's employees, partners in the eye care profession, and customers, as well as our shareholders,' said Ronald Zarrella, chairman and chief executive.
As a private company, Bausch & Lomb will have greater flexibility to focus on its long-term strategic direction, he added.
