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XIO Group to acquire Lumenis for approximately $510 million
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Lumenis Ltd. has signed an agreement to be acquired by XIO Group for an aggregate purchase price of approximately $510 million, or $14 per share in cash, according to a Lumenis release.
“Over the past 3 years we have managed to transform Lumenis into a strong, growing and profitable company,” Tzipi Ozer-Armon, CEO of Lumenis, said in the release. “We have refocused our strategy, introduced new products, and tripled our EBITDA [earnings before interest, taxes, depreciation and amortization]. 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.”
The board of directors of each company have approved of the transaction.
The prospective transaction, expected to close in September 2015, is subject to closing conditions that include Lumenis shareholder approval and receipt of certain regulatory approvals, the release said.
Additionally, Viola Group and XT Hi-Tech Investments, both collectively owning approximately 59% of Lumenis shares, have entered into a customary voting agreement with XIO Group, the release said.