Steris has agreed to acquire privately held Xodus Medical for $2.1 billion, expanding its portfolio of healthcare consumables. The deal adds surgical products designed to improve safety for patients and staff in operating rooms.
Steris expects to finance the acquisition primarily with debt. The deal is expected to close by December 31, 2026.
The net purchase price is estimated at about $1.8 billion after approximately $300 million in expected tax benefits. The agreement also includes a potential earnout of up to $150 million, tied to performance targets in 2028.
For calendar year 2026, Xodus Medical is projected to generate about $245 million in revenue. Adjusted EBIT is projected at $135 million.