Cynosure (NASDAQ: CYNO) has inked a definitive agreement to acquire Palomar Medical Technologies (NASDAQ: PMTI). 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.