XIO Group has signed an agreement to acquire Israel’s energy-based medical firm Lumenis, for around $510m.
Under the deal, XIO will pay $14.00 per share in cash to Lumenis shareholders. Viola Group and XT Hi-Tech Investments (1992) are the major shareholders in Lumen with 59% stake and they have entered into a customary voting agreement with XIO Group.
Lumenis provides minimally-invasive clinical solutions for the surgical, ophthalmology and aesthetic markets.
Lumenis CEO Tzipi Ozer-Armon said: "This acquisition is a strong recognition and vote of confidence in Lumenis’ achievements and its employees, and I am excited about the future prospects of Lumenis.
"Over the past 3 years we have managed to transform Lumenis into a strong, growing and profitable company. We have refocused our strategy, introduced new products, and tripled our EBITDA."
Lumenis aesthetic product portfolio includes M22 with ResurFX, LightSheer INFINITY, LightSheer DESIRE, AcuPulse and others.
The firm’s surgical devices include Lumenis Pulse 120H, AcuPulse Duo, AcuPulse 40WG, VersaPulse Powersuite and others.
The company also offers energy-based technologies, including laser, intense pulsed light (IPL) and radio-frequency (RF).
Subject to customary closing conditions and certain regulatory approvals, the deal is expected to complete in September of this year.
Image: XIO Group to acquire energy-based medical firm Lumenis. Photo: courtesy of adamr/ FreeDigitalPhotos.net.