LONDON (ShareCast) - (Sharecast News) - Engineering firm Smiths Group has sold a third of its stake in US-listed IV therapy specialist ICU Medical for £70m.
Smiths, which sold the Smiths Medical division to ICU back in January 2022 for $2.7bn, received $500m-worth of ICU shares as part of the deal. However, the Nasdaq stock has dropped more than 50% since the disposal.

On Friday, the company said it had offloaded 830,000 ICU shares, representing a 3.44% of shareholding and 33% of its own stake.

Smiths said the sale raised $88m which will be used for "general corporate purposes" and will leave the company with a remaining 6.92% stake.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE