Apax to buy Israeli aesthetic device firm Syneron for $397 million
Reuters
Published Apr 03, 2017 12:38
Apax to buy Israeli aesthetic device firm Syneron for $397 million
TEL AVIV (Reuters) - British private equity firm Apax Partners (APAX.UL) has agreed to buy Israel's Syneron Medical Ltd (O:ELOS), a non-surgical aesthetic device company, for $11.00 per share in cash, or a total of $397 million (317.52 million pounds), the companies said on Monday.
The share price represents a 15 percent premium to Syneron's 90-day average closing price through March 31, and a 33 percent premium to its 90-day average closing price through Feb. 10, the last trading day prior to media speculation of a transaction.
Syneron says its products have a range of applications, like body contouring, hair removal and wrinkle reduction. The products are sold under two brands, Syneron and Candela.
"We have identified the medical aesthetics market as a highly attractive investment area given its long-term growth prospects," said Steven Dyson, co-head of healthcare at Apax.
The agreement includes a "go-shop" period which ends on May 9. During this period, Syneron Candela, with the assistance of Barclays (LON:BARC), will solicit, evaluate and potentially enter into negotiations with respect to alternative proposals from third parties.
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Written By: Reuters
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