Abbott completes AMO acquisition

Abbott Laboratories has completed its acquisition of Advanced Medical Optics (AMO), paying $1.24 billion for 83% of the fully-diluted stock and assuming around $1.4 billion of AMO's long-term debt.

Scott Stoffel, director of financial and litigation communications at Abbott remarked, "Our four major business divisions all delivered double-digit percentages of growth during the past year, resulting in 14% growth of our full-year 2008 sales. This leaves us in a very confident position for purchasing AMO, which is a global leader in eye-care devices."

As a subsidiary of Abbott, AMO will now be known as Abbott Medical Optics. The sales representatives, customer service team and pricing and ordering structure will remain the same.