CAE signs deal to sell health-care business to Madison Industries for $311 million
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Hey there, time traveller!
This article was published 24/10/2023 (738 days ago), so information in it may no longer be current.
MONTREAL – CAE Inc. has signed a deal sell its health-care business to U.S. company Madison Industries for $311 million.
CAE chief executive Marc Parent says the decision better positions the company to secure the many attractive growth opportunities on the horizon in its much larger, core simulation and training markets.
While CAE is best known for its flight simulators, the health-care business is focused on training for medical professionals including patient simulators.
Parent says the business, which it launched in 2009, is growing under a strong leadership team and has reached a point where the opportunity exists to take it to the next level.
He says Madison Industries is well positioned to support the future growth of the business, which will continue to focus on evolving simulation to drive patient safety and quality outcomes.
The deal, which is subject to closing conditions, including regulatory approvals, is expected to close before the end of CAE’s 2024 fiscal year.
This report by The Canadian Press was first published Oct. 24, 2023.
Companies in this story: (TSX:CAE)