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March 12, 2012 6:15 PM

Cleary, Goodwin Procter Lead on $2 Billion Medical Equipment Acquisition

Posted by Tom Huddleston Jr.

Japanese chemical company Asahi Kasei said Monday it will pay $2.2 billion to acquire medical equipment maker Zoll Medical.

Asahi will pay $93 in cash for each share of Chelmsford, Massachusetts–based Zoll, which specializes in emergency resuscitation devices such as cardiac defibrillators. The Asahi offer represents a 24 percent premium over Zoll's closing price Friday. The deal is expected to close in the second quarter, pending regulatory and shareholder approval.

Tokyo-based Asahi's business portfolio includes health care products ranging from pharmaceuticals to medical devices. 

As outside counsel on the transaction, Asahi is relying on a Cleary Gottlieb Steen & Hamilton team led by M&A partner Christopher Austin and capital markets partner John Palenberg in New York. Partner Arthur Kohn is advising on executive compensation.

Zoll, meanwhile, has turned to Boston-based Goodwin Procter life sciences partner Raymond Zemlin. M&A partners James Matarese and Andrew Goodman also are advising, as are compensation partner Marian Tse, tax partner William Whitledge, and antitrust senior counsels Kirby Lewis and J. Todd Hahn.

Sullivan & Cromwell health care practice cohead Keith Pagnani and litigation partner Brian Frawley are representing Brown Brothers Harriman & Co. in its role as financial adviser to Zoll.

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