XIO Group to buy Lumenis for $510 million
Staff writer ▼ | June 18, 2015
Healthcare company Lumenis has signed a definitive agreement to be acquired by XIO Group for $14 per share in cash, for an aggregate purchase price of approximately $510 million.Article continues below
"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," said Tzipi Ozer-Armon, chief executive officer.
"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.
"Furthermore, we have created a very bright and promising future for Lumenis by building a robust pipeline of innovative products, a strong sales team in each region, and by enhancing our global brand recognition. I am confident that we will continue to thrive and reach new heights together with XIO Group."
"We are excited about the announced transaction and the value created for Lumenis' shareholders," said Harel Beit-On, chairman of the board of directors.
"Over the last years, we had an opportunity to lead Lumenis through a strategic transformation into a valuable growing business with global appeal. We respect and appreciate the efforts of Lumenis management and employees and wish the company continued success."
The prospective transaction is subject to customary closing conditions, including approval by Lumenis' shareholders and receipt of certain regulatory approvals, and is expected to close in September 2015.
The board of Lumenis and XIO Group has approved the transaction. The two largest shareholders of Lumenis, Viola Group and XT Hi-Tech Investments (1992), which collectively own approximately 59% of the shares of Lumenis, have entered into a customary voting agreement with XIO Group. ■ What to read next
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