Private investment firm Altaris Capital Partners has agreed to acquire US healthcare and security solutions provider Analogic for around $1.1bn.
As per the terms of the deal, an affiliate of Altaris will acquire Analogic’s common stock by paying 84.00 per share in cash..
Based in Boston of Massachusetts, Analogic provides advanced imaging and real-time guidance technologies for disease diagnosis and treatment.
The company produces ultrasound systems under BK Ultrasound brand, which can be used in urology, surgery, and point-of-care applications.
BK Ultrasound’s Sonix diagnostic ultrasound systems are leveraged in a range of clinical specialties, including anesthesia, emergency medicine, reproductive medicine and general imaging.
The firm also offers transducer technology for a range of ultrasound applications such as radiology, cardiology, obstetrics and gynecology, and surgery.
Altaris co-founder and managing director George Aitken-Davies said: “Analogic has a rich history of developing advanced technologies that have enabled innovation in medical imaging and security screening.
“We look forward to building on this heritage and continuing to provide technology-driven imaging solutions and world-class service to the industry.”
Analogic’s advanced imaging technologies are also used in computed tomography (CT), magnetic resonance imaging (MRI), and digital mammography systems, in addition to automated threat detection systems for aviation security.
Subject to regulatory approval and other customary closing conditions, the deal is expected to complete in the middle of this year.
Analogic board of directors chairman said Bernard Bailey said: “Given the increasingly competitive markets that we serve, we have been focused on the need to achieve greater scale in order to generate sustained profitable growth. As a result, the Board initiated a review of strategic alternatives available to Analogic.
“This 10-month, comprehensive process resulted in today’s transaction with Altaris that provides stockholders with immediate, substantial, and certain cash value.”
Based in New York City, Altaris invests in businesses related to healthcare industry and actively manages $2.4bn of equity capital.
Altaris has made 34 investments in the past 15 years. The company has expertise in the manufacturing and marketing of medical devices, imaging technologies and diagnostic equipment.
Analogic is Altaris’ seventeenth company focused on the designing and manufacture of medical products, regulated by the US Food and Drug Administration.
Image: Altaris Capital Partners to acquire US healthcare and security solutions provider Analogic. Photo: courtesy of savit keawtavee / FreeDigitalPhotos.net.