Cynosure (NASDAQ:CYNO) has inked a definitive agreement to acquire Palomar Medical Technologies (UNKNOWN:PMTI.DL). The purchase will be a mix of stock and cash at a total value of roughly $294 million. Palomar shareholders will receive $13.65 per share in the buyout -- half in stock and half in cash.
The company's stock closed at $13.17 after the deal was announced.
The move is seen as a highly synergistic one for Cynosure, as the two firms manufacture broadly similar products and both are based in Massachusetts. Combined, the companies boast a total installed base of more than 20,000 aesthetic laser systems throughout the world and a distribution network that covers more than 100 countries. Their combined 2012 revenue was around $234 million.
Fool contributor Eric Volkman has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.