They sold a business which is making $450-600mn EB

They sold a business which is making $450-600mn EBITDA for $2.1bn. Even if you take the lower EBITDA, this is a 5x EBITDA multiple which is significantly less than where J&J trades at. They simply cut their arm and got out of this declining business for them. From Platinum perspective, it is good that they managed to secure 1.75bn drawn financing and little (350mn) equity contribution at the end. They will look ways to increase efficiencies by getting rid of the fat, trying to acquire new technologies and being more competitive overall.