Allen & Overy advises Rexam on sale of its healthcare business

Allen & Overy has advised Rexam, a global beverage can maker, on the sale of the bulk of its healthcare business to Montagu Private Equity for $805m (£494m).

In this transaction, Rexam is selling its pharmaceutical devices and prescription retail packaging divisions, returning £450m in cash to shareholders.

The transaction is subject to consultation with various European works councils, is conditional on the necessary regulatory approvals and is subject to certain adjustments at completion. The transaction is expected to complete around the middle of 2014.