Deal Description: On April 14, 2026, American Industrial Partners (AIP), a U.S.-based industrials-focused private equity firm, entered into a definitive agreement to acquire Avanos Medical, Inc. (NYSE: AVNS), a medical technology company, in an all-cash transaction valued at approximately $1.272 billion. 

Under the terms of the agreement, Avanos stockholders will receive $25.00 per share in cash for each share of common stock they own. Avanos is a medical device company with manufacturing facilities in the U.S., Mexico, and Canada. Its products focus on two segments, Specialty Nutrition Systems and Pain Management and Recovery, to improve patient outcomes and reduce the cost of care. Upon completion of the transaction, Avanos will become a privately held company. 

The transaction has been approved by Avanos’ Board of Directors and is expected to close in the second half of 2026, subject to customary closing conditions, including stockholder approval and required regulatory clearances. 

Baker Botts advised AIP on U.S. and international merger control and foreign direct investment matters. 

The Baker Botts team was led by Paul Cuomo (Partner, Washington, D.C.) and included Christine Ryu-Naya (Special Counsel, Washington, D.C.), Mike Bodoksy (Special Counsel, Washington, D.C.) and Catriona Hatton (Partner, Brussels) and associates Louis Delvaux and Kassia Pletscher (Brussels). 

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