Alcon and Staar Surgical announced today that the companies have entered into a definitive merger agreement through which Alcon intends to acquire Staar. According to a press release, Alcon will purchase all outstanding shares of Staar common stock for $28 per share in cash. The transaction represents a total equity value of approximately $1.5 billion. 

Alcon reported that it will finance the transaction through the issuance of short- and long-term credit facilities. The transaction is anticipated to close in approximately 6 to 12 months, subject to customary closing conditions, including regulatory approval and approval by Staar’s shareholders. The Boards of Directors of Alcon and Staar have each unanimously approved the transaction, according to the press release. RP