LONDON, Nov 21 (LPC) - US medical device maker Boston Scientific is backing its recommended cash offer for UK-based BTG plc with a £3.3bn (US$4.22bn)bridge loan from Barclays Bank.
The bridge loan covers the full amount of the cash consideration and satisfies the certain funds requirements of the UK Takeover Code.
The acquisition will be funded through a combination of cash on hand and debt.
The acquisition, which has been unanimously approved by the boards of directors of Boston Scientific and BTG, is expected to be carried out through an English court-sanctioned scheme of arrangement, and is expected to close in the first half of 2019.
Barclays is acting as financial adviser to Boston Scientific.
BTG develops and commercialises products used in minimally-invasive procedures targeting cancer and vascular diseases, as well as acute care pharmaceuticals. ($1 = 0.7821 pounds) (Editing by Christopher Mangham)