Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.

Recs

0

Cynosure Completes Acquisition of Palomar

Aesthetic-laser maker Cynosure (NASDAQ: CYNO  ) announced yesterday that it had completed the acquisition of rival laser specialist Palomar Medical Technologies for $146 million cash and 6 million shares for a total value of around $294 million.

The combined company will have an installed base of more than 20,000 aesthetic-laser systems worldwide, with a distribution network that spans more than 100 countries. The two laser makers had combined revenues of $234 million in 2012, with 52% of their product revenue coming from North America and 48% originating from international markets.

Cynosure Chairman and CEO Michael Davin said: "We believe the acquisition complements our product portfolio and customer base, provides new product and service revenues, strengthens our global distribution network, opens new cross-selling opportunities, and enhances our intellectual property position."

Under the terms of the agreement, each outstanding share of Palomar stock was converted into the right to receive $6.825 in cash and 0.2819 shares of Cynosure Class A common stock. The acquisition is expected to be accretive to Cynosure's earnings in  2014 with the synergies of $8 million to $10 million realized.  

Following the closing, Davin will continue to serve as Chairman and CEO; Palomar's Joseph Caruso joined Cynosure's board of directors as vice chairman, and he will serve as the combined company's president; and Timothy Baker will serve as executive VP, COO, and CFO.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2509742, ~/Articles/ArticleHandler.aspx, 8/2/2015 2:29:53 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Rich Duprey
TMFCop

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.

Google+

Today's Market

updated 1 day ago Sponsored by:
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASD 5,128.28 -0.50 -0.01%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

7/31/2015 3:59 PM
CYNO $38.80 Down +0.00 +0.00%
Cynosure, Inc. CAPS Rating: **

Advertisement