3M has agreed to buy Acelity, a San Antonio-based wound care products company that recently filed to go public, for $6.7 billion from Apax Partners, CPP Investment Board and PSP Investments. This is a high-priced reminder that 3M has become much more than Scotch Tape and Post-it notes, with health care already accounting for 18% of its $32 billion in annual revenue. Acelity will only add to that, with a top-line of nearly $1.5 billion last year. Expect Acelity to pull its IPO registration, which it had submitted last month as KCI Holdings. The consortium had been working with Acelity and KCI since 2011 on a strategic mergers and acquisition program that included targeted acquisitions, such as Systagenix in 2013 and Crawford Healthcare in 2018, and disposals of non-core businesses, such as the LifeCell business unit, which was sold for $2.9 billion in 2017. Go deeper: 3M found that more people are skeptical about science than in 2018
