XIO is paying a 16% premium on the share price of the Israeli medical device company.
XIO Group is acquiring Lumenis Ltd. (Nasdaq: LMNS), which develops surgical, ophthalmology and aesthetic applications, for $14 per share in cash, for an aggregate purchase price of $510 million. This is a 16% premium on the Yokneam based company's closing price on Nasdaq yesterday and 20% above its IPO price in early 2014.
Lumenis CEO Tzipi Ozer-Armon said, "This acquisition is a strong recognition and vote of confidence in Lumenis' achievements and its employees, and I am excited about the future prospects of Lumenis. Over the past 3 years we have managed to transform Lumenis into a strong, growing and profitable company. We have refocused our strategy, introduced new products, and tripled our EBITDA. 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."
Lumenis chairman Harel Beit-On said, "Over the last years, we had an opportunity to lead Lumenis through a strategic transformation into a valuable growing business with global appeal. We respect and appreciate the efforts of Lumenis management and employees and wish the company continued success."