3M (NYSE:MMM) last week closed the $6.7 billion buyout of wound care giant Acelity from the private equity consortium that took the company private back in 2011.

San Antonio, Texas-based Acelity, which had registered for an initial public offering a month before 3M floated its offer, was formed after Apax Partners and a pair of Canadian pension funds paid $6.3 billion to take Kinetic Concepts Inc. private. It posted sales of $1.5 billion last year, 3M said.

“This is an exciting day as we bring together two premier and innovative companies that are focused on delivering comprehensive health care solutions to enable better outcomes for patients,” chairman & CEO Mike Roman said in prepared remarks. “We are excited to have the tremendous people of Acelity join the 3M team, and are confident in the value that this acquisition will deliver to our customers and our shareholders. This addition further accelerates 3M as a leader in advanced wound care, which is a significant and growing market segment.”

3M has said it expects the deal to add 25¢ to adjusted earnings per share in the first year after closing and cut the range on its share buyback to $1.0 billion to $1.5 billion, down from $2.0 billion to $4.0 billion previously.

Credit Suisse advised 3M on the transaction, with Cleary Gottlieb Steen & Hamilton as legal advisors. JP Morgan and Goldman Sachs advised Acelity’s owners, with Simpson Thacher & Bartlett and Jackson Walker as counsel.

MMM shares were off -0.3% to $160 apiece today in pre-market trading.