May 2, 2019

3M boosts health care rep with Acelity purchase

Dan Primack, author of Pro Rata

3M has agreed to buy Acelity, a San Antonio-based wound care products company that recently filed to go public, for $6.7 billion from Apax Partners, CPP Investment Board and PSP Investments.

Why it matters: This is a high-priced reminder that 3M has become much more than Scotch Tape and Post-it notes, with health care already accounting for 18% of its $32 billion in annual revenue. Acelity will only add to that, with a top-line of nearly $1.5 billion last year.

What's next: Expect Acelity to pull its IPO registration, which it had submitted last month as KCI Holdings.

"The consortium had been working with Acelity and KCI since 2011 on a strategic mergers and acquisition program that included targeted acquisitions, such as Systagenix in 2013 and Crawford Healthcare in 2018, and disposals of non-core businesses, such as the LifeCell business unit, which was sold for $2.9 billion in 2017."
Colin Kellaher, the Wall Street Journal

Go deeper: 3M found that more people are skeptical about science than in 2018

Go deeper

Trump's big, empty beef with Twitter

Illustration: Aïda Amer/Axios

President Trump finally acted on his now year-old threat to take action against social media platforms for alleged bias against conservatives. But so far, according to experts in both government and the industry, the threat looks mostly empty.

Driving the news: Trump escalated his war on Twitter Friday morning, tweeting repeatedly that the company needs to be regulated after it overnight added a warning label to a tweet of his calling for the military to start shooting looters, which violated Twitter’s rules against glorifying violence.

In photos: Protests over George Floyd's death grip Minneapolis

The Third Police Precinct burns in Minneapolis on Thursday night. Photo: Stephen Maturen/Getty Images

Demonstrators demanding justice burned a Minneapolis police station and took control of the streets around it last night, heaving wood onto the flames, kicking down poles with surveillance cameras and torching surrounding stores.

What's happening: The crowd was protesting the death of George Floyd, an unarmed black man whose life was snuffed out Tuesday by a white Minneapolis police officer who kneeled on his neck for about eight minutes.

Minneapolis mayor to Trump: “Weakness is pointing your finger” during a crisis

Minneapolis Mayor Jacob Frey fired back at President Trump on Friday, after the president accused the mayor of weak leadership amid violence sparked by the killing of an unarmed black man by a white police officer.

Driving the news: Trump made his accusations in a pair of tweets early Friday, saying he would bring the national guard into Minneapolis if Frey couldn't “bring the City under control.”