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Halyard Health, Inc. announced the completion of the previously disclosed divestiture of its S&IP business to Owens and Minor, Inc. for $710 million, subject to certain adjustments as provided in the Amended and Restated Purchase Agreement. Halyard intends to use the approximately $600 million in net proceeds from the sale to pay off its existing Term Loan B credit facility and to fund internal investment and M&A.

"The divestiture of S&IP transforms us into a focused, pure-play medical devices business with a clear playbook for solid revenue and earnings growth," said Joe Woody, Halyard chief executive officer. "The additional financial capacity will fund our dual-track growth strategy, focused on product innovation and strategic M&A and underpinned by a commitment to commercial excellence."