Following Acquisition, AMO Now Under Abbott Labs’ Umbrella

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ABBOTT PARK, Ill.—The $1.36 billion acquisition of the eyecare-product and laser-surgery firm formerly known as Advanced Medical Optics by medical-products and drug maker Abbott Laboratories (NYSE: ABT) closed Feb. 26, as expected.

Including debt, the acquisition was valued at about $2.8 billion. AMO was renamed Abbott Medical Optics upon completion of the acquisition, an Abbott announcement said. The newly acquired company is now a wholly owned subsidiary of Abbott.

With the acquisition, “we’re entering a market that’s aligned with demographic trends and growing medical need," said John Capek, Abbott’s executive vice president, medical devices. “This acquisition provides Abbott access to a $22 billion global market and the opportunity to help a very large patient population.”