Valeant to Acquire B+L for $8.7 Billion

As speculated in a Sunday post, Valeant Pharmaceuticals International, Inc., and Bausch + Lomb Holdings Inc. have entered into a definitive agreement under which Valeant will acquire B+L for $8.7 billion in cash. Under terms of the agreement, Valeant will pay aggregate consideration of $8.7 billion in cash, of which approximately $4.5 billion will go to an investor group led by Warburg Pincus and approximately $4.2 billion will be used to repay B+L's outstanding debt.  Valeant expects to achieve at least $800 million in annual cost savings by end of 2014. B+L expects revenues of approximately $3.3 billion and adjusted EBITDA in 2013 of approximately $720 million. Read more.