Steris to Acquire Xodus Medical for $2.1 Billion

11:13 AM EDT, 10/12/2026 (MT Newswires) -- Steris (STE) said Monday its STERIS Corp. unit agreed to acquire specialty surgical products company Xodus Medical and certain affiliates for $2.1 billion at closing. Steris expects about $300 million in cash tax benefits from the transaction, bringing the net purchase price to about $1.8 billion. The deal also includes potential earnout payments of up to $150 million tied to performance targets in 2028. The transaction is expected to be accretive to top-line growth, margins and adjusted earnings, the company said. The transaction is expected to be financed primarily with debt and close by Dec. 31, subject to regulatory approvals and other customary conditions, Steris said. Shares of Steris were up more than 2% in Monday trading. Price: 219.67, Change: +5.27, Percent Change: +2.46