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Apax to buy Israeli aesthetic device firm Syneron for $397 million
April 3, 2017 / 11:45 AM / 9 months ago

Apax to buy Israeli aesthetic device firm Syneron for $397 million

TEL AVIV (Reuters) - British private equity firm Apax Partners has agreed to buy Israel’s Syneron Medical Ltd, a non-surgical aesthetic device company, for $11.00 per share in cash, or a total of $397 million, 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, will solicit, evaluate and potentially enter into negotiations with respect to alternative proposals from third parties.

Reporting by Tova Cohen

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