CardioNet, a wireless medical technology company, has entered into a definitive merger agreement with Biotel to acquire all of the shares of Biotel for $11m, or $3.84 per share, before adjustments for working capital.

In connection with the merger agreement, the parties entered into a settlement agreement to dismiss the outstanding litigation between them, which will be effective as of the close of the merger.

The acquisition of Biotel, and the addition of its Braemar subsidiary’s wireless event monitor to the company’s product portfolio, enhances CardioNet’s position in the field of wireless medicine.

The acquisition is also expected to provide entry into the clinical services market through Biotel’s subsidiary, Agility Centralized Research Services.

CardioNet president and CEO Joseph Capper said that they are pleased with the acquisition and the settlement of litigation with Biotel.

“They are an excellent fit for CardioNet with their wireless event monitor and clinical research capabilities,” Capper said.