Kodak Stock – Onex Is Said to Make Fresh Attempt to Sell $1 Billion Carestream
Onex Corp. is exploring a new sale process for medical imaging equipment maker Carestream Health Inc., according to people with knowledge of the matter, after several previous attempts to divest the business.
The Toronto-based buyout firm is working with advisers and is seeking at least $1 billion from a proposed divestment of Carestream, a former unit of KODK US Equity”/>Eastman Kodak Co., said the people, who asked not to be identified as the information is private.
A formal sale is expected to kick off later this year, and Onex has reached out to prospective buyers to gauge interest, the people said.
The firm has made two previous attempts to sell the asset since it HD2Q73PWT1I”/>acquired Eastman Kodak’s health group for $2.4 billion in 2007, renaming it Carestream Health.
Onex was seeking suitors for Carestream in 2013, before calling off the sale, Reuters reported.
The Canadian buyout firm ran separate processes in 2017 to find buyers for Carestream’s medical imaging business and its digital dental-equipment unit, people with knowledge of the matter told Bloomberg News at the time. Onex sold the dental business to funds managed by Clayton, Dubilier & Rice and CareCapital Advisors in the same year. The price was not disclosed.
Deliberations are at an early stage and details such as valuation could change, the people said. A representative for Onex didn’t respond to requests for comment.
New York-based Carestream provides technology used in radiology and also serves industrial markets with high-quality images for aircraft inspection, assemblies, castings and forensics. The company has more than 6,000 employees globally, according to its website.
— With assistance by Paula Sambo