Rexam to sell healthcare divisions

IN A MOVE to direct future efforts on its beverage cans business, Rexam PLC has agreed to sell the Pharmaceutical Devices and Prescription Retail Packaging divisions of its Healthcare line to Montagu Private Equity, for $805 million. The Healthcare business consists of Pharmaceutical Devices, Prescription Retail Packaging and Closures & Containers. Rexam is still in discussions on the sale of Closures & Containers. The transaction, to be completed this year, is subject to consultation with European works councils and is conditional on regulatory approvals and subject to adjustments at completion.