What happened

Shares of Oxford Immunotec Global (NASDAQ:OXFD) were skyrocketing 27.1% as of 12:05 p.m. EST on Thursday. The big jump came after PerkinElmer (NYSE:PKI) announced plans to acquire Oxford Immunotec for $591 million.

So what

PerkinElmer offered $22 per share to buy Oxford, a 28% premium to the closing price of the healthcare stock on Jan. 5, and a 53.5% premium to Oxford's volume-weighted average price over the 90 days leading up to that date.

Fingers holding two jigsaw pieces close to each other

Image source: Getty Images.

This is obviously a big win for Oxford Immunotec shareholders. But what about for PerkinElmer? The big healthcare company will pick up Oxford's tuberculosis tests, which fits in well with PerkinElmer's lineup of infectious-disease testing solutions.

The deal won't make a big splash with PerkinElmer's financial performance right out of the gate, though. The company expects that its acquisition of Oxford Immunotec will be "modestly accretive" to adjusted earnings in the first year after the transaction closes. But PerkinElmer thinks that the sales growth from Oxford's products will be greater than for its own diagnostics products.

Now what

There are still a few hoops to jump through for the acquisition to close. While both boards of directors have approved the buyout, the shareholders of Oxford Immunotec must also give their approval. In addition, PerkinElmer will need to obtain U.K. court approval. Assuming there are no roadblocks, the transaction should close in the first half of this year.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.