NEW YORK (S&P Global Ratings) May 14, 2019--Ireland-headquartered global consumer self-care company Perrigo Co. PLC (BBB-/Stable/--) recently announced its intention to acquire Michigan-based private-label oral health company Ranir Global Holdings LLC for $750 million. The company intends to fund the acquisition with mostly cash on hand, which will cause its adjusted net debt leverage to increase by approximately 0.2x from about 3.0x in 2018. The company also announced an agreement to divest its animal health business for $185 million in cash and stated that it expects to sell or spin off its generic prescription business over the next six to 12 months, which would help reduce its leverage. We believe management's leverage target of 2.5x is consistent with an S&P
