Aesthetic device manufacturer Syneron Medical has entered into an agreement with Apax Partners, a global private equity advisory firm, under which an affiliate of funds advised by Apax Partners will acquire all of the outstanding shares of Syneron-Candela for $11.00 per share in cash in a transaction valued at approximately $397 million.
The Syneron-Candela Board of Directors has unanimously approved the transaction. The merger agreement includes a “go-shop” period, which ends on May 9, 2017. During this period, Syneron-Candela, with the assistance of its financial advisor Barclays, will actively solicit, evaluate and potentially enter into negotiations with respect to alternative proposals from third parties. The company does not intend to disclose developments about this process unless and until its board has made a decision with respect to any potential superior proposal.
“We have identified the medical aesthetics market as a highly attractive investment area given its long-term growth prospects,” said Steven Dyson, partner and co-head of healthcare at Apax Partners. “Syneron-Candela is very well positioned to capture this opportunity, with its highly diversified geographic footprint, broad and market-leading products portfolio, exceptional R&D capabilities and cutting-edge technology. We are looking forward to partnering with the Syneron-Candela team to continue its strong growth trajectory, and to seeing the even greater benefits it can deliver for customers and patients.”
