Subsequent event

6 Months Ended

Jun. 29, 2025

Subsequent Events [Abstract]

Subsequent event

Subsequent events

Completion of the VI Business acquisition and related transactions

On June 30, 2025, the first day of the third quarter 2025, we completed the acquisition of the VI Business for a net initial cash payment of €704.3 million, subject to certain working capital and other customary adjustments. The initial payment, along with transaction-related costs and other associated requirements, was financed through $700 million of borrowings under the delayed draw term loan facility as well as $140 million of borrowings under our revolving credit facility. We are evaluating the accounting for the business combination, including estimating the fair value of the assets acquired and liabilities assumed.

Concurrent with the completion of the VI Business acquisition, on June 30, 2025, we settled the foreign currency forward contracts entered to hedge economically against the foreign currency exposure associated with the cash consideration. The settlement of the forward currency contracts resulted in proceeds of $82.2 million.

In connection with the acquisition, we also entered into several ancillary agreements with BIOTRONIK SE & Co. KG to help facilitate business continuity and the integration of the business. The agreements primarily relate to transition support and distribution services and have varying durations extending up to 36 months. We will account for these services separately from the business combination, as they were negotiated primarily to benefit Teleflex and do not represent part of the consideration transferred for the acquisition.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) Act was signed into law, enacting certain extensions and significant modifications to existing U.S. tax law provisions. While we continue to evaluate its implications, we do not currently expect the OBBB Act to have a material impact on our 2025 financial statements.