JHVEPhoto/iStock Editorial via Getty Images
Bausch + Lomb (NYSE:BLCO) is exploring a sale to address concerns raised by lenders such as Apollo Global Management (APO) over its planned separation from its parent, Bausch Health (New York Stock Exchange: BHC), The Financial Times reported on Saturday.
According to people familiar with In the matter, the Canadian eye care firm is working with advisers from Goldman Sachs to gauge buyer interest in the business, which was spun off from Bausch Health (BHC) in 2022.
The people said Bausch + Lomb (BLCO) was expected to attract private equity interest and command a valuation at a considerable premium as the company has performed well. The sale process may not lead to a transaction, they added.
While a target price has not been confirmed, the contact lens maker's enterprise value stood at just above $10 billion, including debt, at the close of trading on Friday.
Their sale plans come at a time when Bausch Health (BHC) lenders, including Apollo Global Management (APO) had expressed concerns about the planned spin-off of Bausch + Lomb (BLCO) due to the impact on the parent company's balance sheet.
