May 24, 2017 / 10:54 PM / 6 months ago

Ansell sells condom division to Chinese consortium for $600 mln

SYDNEY, May 25 (Reuters) - Rubber products maker Ansell Ltd on Thursday said it would sell its condom business to a Chinese consortium for $600 million, leading the Australian company to launch a $265 million on-market share buyback.

China’s Humanwell Healthcare Group Co Ltd and CITIC Capital China Partners have bought the division, which also includes a lubricant and devices business, Ansell said.

“We are delighted with this outcome, following a thorough and competitive process, which realises significant value for Ansell shareholders,” Ansell Chief Executive Magnus Nicolin said in a statement. The share buyback announced on Thursday represents 10 percent of shares on issue. (Reporting by Jamie Freed, editing by G Crosse)

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