Boston Scientific to sell off its investment portfolio for $140M
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| Boston Scientific seeks to raise needed funds by selling its investment portfolio. Source: St. Louis Commerce Magazine |
The company said that the sale is intended raise cash and reduce debt from its $27 billion acquisition of Guidant two years ago.
Saints Capital, a San Francisco-based investment company, bought holdings in a portfolio of 54 companies from the Natick, Mass.-based Boston Scientific for $100 million before taxes. In another transaction, private equity firm Paul Capital Partners bought Boston Scientific’s investments in a portfolio of venture funds and companies for $40 million.
In other cost-cutting measures, in October 2007, Boston Scientific announced plans to cut 2,300 jobs, or 8 percent of its work force, to help reduce annual operating expenses by $500 million.