H.B. Fuller has agreed to acquire UK-listed Advanced Medical Solutions (AMS) in a recommended all-cash transaction valuing the wound care specialist’s equity at approximately £659 million, according to a report by Bloomberg.
Under the terms of the agreement, AMS shareholders will receive 285p per share in cash, representing a 34.8% premium to the company’s closing share price on 20 May, the last trading day before the offer period began. The transaction values the business at an enterprise value of around £715 million, including debt.
H.B. Fuller is a publicly traded specialty adhesives and sealants manufacturer. It is heavily owned by institutional investors and hedge funds, which hold approximately 96% of the company’s stock.
The company said the acquisition will expand its medical adhesives platform by adding AMS’s portfolio of tissue adhesives, surgical sealants and advanced wound care products. The company expects the combination to generate approximately $55 million in annual run-rate cost and revenue synergies by 2031 while increasing its total addressable healthcare market by an estimated $15 billion.
The deal follows months of takeover interest in AMS after private equity firm TA Associates opted not to make a formal offer, leaving H.B. Fuller as the successful bidder. AMS’s board has unanimously recommended the offer, which remains subject to shareholder and regulatory approvals.
The transaction adds to a series of acquisitions involving UK-listed healthcare companies, a sector that continues to attract strategic buyers amid relatively low public market valuations.
