Smiths Group sells down stake in ICU Medical

(Sharecast News) - Smiths Group announced the sale of 1.2 million shares in ICU Medical on Wednesday, amounting to roughly 4.9% of ICU Medical's issued share capital. The FTSE 100 company said the transaction was set to generate net proceeds of approximately $152m (£117m) for the group.

It said it planned to use the funds for general corporate purposes.

After the sale, Smiths Group retained a stake in ICU Medical, holding 0.47 million shares, equating to around 1.92% of ICU's issued share capital.

At 0828 BST, shares in Smiths Group were down 0.29% at 1,746p.

Reporting by Josh White for Sharecast.com.