Altaris Capital shells out $1.1B for health imaging maker Analogic

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Investment firm Altaris Capital Partners is acquiring Analogic, the maker of ultrasound systems, in a deal worth $1.1 billion. (monsitj/ iStock/Getty Images Plus)

Investment firm Altaris Capital Partners is acquiring Analogic, the maker of ultrasound systems, in a deal worth $84 per share, or about $1.1 billion.

The Analogic board approved the deal, which is expected to close by the middle of the year upon approval by shareholders, the company said. When finalized, Analogic will be privately held by Altaris.

The Massachusetts-based company is know for its BK Ultrasound systems used in procedure-driven areas such as urology, surgery and point-of-care. Analogic’s imaging technologies are also used in CT, MRI and digital mammography systems.

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The price for the transaction represents a 25% premium on Analogic’s shares that were selling for $67.45 per share on June 7, 2017, when it reported third-quarter earnings for fiscal 2017 and announced the launch of the strategic review process. The company’s shares had closed the previous day at $74.60 per share.

For the last decade and a half, Altaris has been focused on investments in the medical device, imaging and diagnostics areas.