Philips to Buy BioTelemetry for $2.47 Billion
December 18 2020 - 3:06AM
Dow Jones News
By Adria Calatayud
Koninklijke Philips NV said Friday that it has agreed to buy
U.S. provider of remote cardiac diagnostics and monitoring,
BioTelemetry Inc., in a deal worth $2.47 billion.
The Dutch medical-technology company said it will start a tender
offer to acquire all of the issued and outstanding shares of
Malvern, Pennsylvania-based BioTelemetry for $72.00 each, to be
paid in cash upon completion. That price represents a 16.5% premium
to BioTelemetry's closing price on Thursday, Philips said.
Philips said the deal implies an enterprise value for the target
of $2.8 billion, including BioTelemetry's cash and debt.
The acquisition of BioTelemetry is a strong fit with Philips's
cardiac-care portfolio, as it will combine the Dutch company's
patient monitoring position in hospitals with BioTelemetry's
cardiac diagnostics and monitoring position outside hospitals,
Philips said.
The combination will result in significant synergies driven by
cross-selling opportunities, geographical expansion, portfolio
innovation synergies, and productivity gains, Philips said.
The deal, which is expected to close in the first quarter of
2021, will be accretive for Philips's sales growth and adjusted
earnings margin in 2021, the company said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
December 18, 2020 02:51 ET (07:51 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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