GSI Group Buys NDS Surgical for $82.5 Million

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GSI Group (NASDAQ: NOVT  ) announced Tuesday that it has acquired surgical and radiology display-maker NDS Surgical Imaging for $82.5 million cash, in a deal that closed today.

GSI characterized the acquisition as just one step in a "medical component market strategy, which has been in process for over a year," but also as complementary to GSI's existing lines of medical products. In a press release, the company noted that it has a "number of shared customers [with NDS], which we expect will strengthen the Company's key OEM customer relationships."

Going forward, the company says it expects "nearly 40%" of its revenues to come from the medical market. The NDS transaction in particular is expected to produce $80 million in annual revenue and to be accretive to GSI's earnings in 2013.

Shares of GSI rose 10.3% on the news to $9.34.

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Related Tickers

9/27/2016 4:00 PM
NOVT $17.20 Up +0.09 +0.53%
GSI Group CAPS Rating: No stars