M&A · Healthcare · Orthopedic, Prosthetic & Surgical Appliances & Supplies
American Industrial Partners to acquire Avanos Medical, Inc.
Announced Apr 14, 2026 · Closed Jul 30, 2026
Deal value$1.27BEV $1.27B
Premium72.1%To unaffected price
EV / Adj. EBITDA—1.8x EV / Revenue
ConsiderationAll cash$25.00 per share
Transaction
- Acquirer
- American Industrial Partners
- Target
- Avanos Medical, Inc. (AVNS)
- Buyer type
- Strategic
- Offer price per share
- $25.00
- Enterprise value
- $1.27B
- Status
- Closed Jul 30, 2026
Deal protections
- Break fee (target pays)
- $37.5M · 2.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan, UBS
- JPMorgan fee
- $20.0M
Sector context · Healthcare
- Comparable deals
- 98 in the prior 24 months
- Premium
- 72.1% vs. 50.5% sector median
- EV / Adj. EBITDA
- Sector median 13.4x
- Break fee
- 2.9% vs. 3.3% sector median
Timeline
- AnnouncedApr 14, 2026
- Proxy filedMay 29, 2026
- Definitive proxyJun 10, 2026
- Shareholder voteJul 22, 2026
- ClosedJul 27, 2026
Valuation · fairness opinions
Trading comparables$12.75$23.50
Other analysis$9.75$21.75
Discounted cash flow$17.75$24.75
Offer $25.00
Implied value per Avanos Medical, Inc. share by analysis, from JPMorgan · DCF discount rate 10.5%–12.5%.