U.K. firm to buy devicemaker Medex for $925 million

Smiths Group, a U.K.-based maker of medical and aerospace equipment, agreed to buy privately held medical devicemaker Medex, Carlsbad, Calif., for $625 million in cash and the assumption of $300 million of Medex's debt. The deal is expected to close in 2005, subject to regulatory approval. The acquisition would increase annual sales of Smiths Group's medical unit by about one-third to $1.25 billion and give the company a leading position in medical safety and anesthesia devices, Smiths Group said in a news release. One Equity Partners, an affiliate of J.P. Morgan Chase & Co., owns 83.2% of Medex, with the remainder held by management and employees. -- by Joseph Mantone