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BRIEF-Hologic to acquire Cynosure for $1.65 bln
February 14, 2017 / 1:13 PM / 9 months ago

BRIEF-Hologic to acquire Cynosure for $1.65 bln

Feb 14 (Reuters) - Hologic Inc

* Hologic to acquire Cynosure, leader in medical aesthetics systems and technologies, in all-cash tender offer that combines two complementary businesses

* Deal for enterprise value of $1.44 billion net of cash

* Deal for $66.00 per share

* Deal immediately accretive to non-GAAP earnings per share

* Transaction has been approved unanimously by boards of directors of both companies

* Hologic expects to realize annualized cost synergies of approximately $25 million by third year after close

* Deal corresponds to an equity value of approximately $1.65 billion

* Says Cynosure will merge with a subsidiary of Hologic and become a wholly-owned subsidiary of Hologic

* Transaction is expected to be fully funded with cash on hand, including proceeds from recently completed blood screening divestiture

* Says following completion of transaction, Cynosure shares will be delisted from Nasdaq

* Hologic forecasts deal adding approximately $0.03 to $0.05 to company’s non-GAAP EPS in balance of fiscal 2017

* Under terms of agreement, unit to start tender offer to purchase outstanding shares of Cynosure common stock for $66/share in cash

* Estimates that deal will enable company to accelerate pro-forma revenue growth by roughly 150 basis points over next several years

* Estimates that deal will enable company to increase non-GAAP earnings per share (EPS) at “solid” double-digit rate over next several years

* Hologic estimates deal will provide a high-single-digit return on invested capital (ROIC) by year five Source text for Eikon: Further company coverage:

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