Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) has announced the acquisition of Bausch & Lomb Holdings Incorporated for a reported $8.7 billion in cash. A press release by Valeant indicates that $4.5 billion will go to an investor group led by Warburg Pincus and approximately $4.2 billion will be used to repay Bausch & Lomb’s outstanding debt. Bausch & Lomb had been taken private by Warburg Pincus almost exactly 5 years earlier (May, 2007) for approximately $3.67B, not including approximately $830M in debt.