Philips completes acquisition of Spectranetics

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Philips has completed the acquisition of Spectranetics. Spectranetics’ financial results will be consolidated as part of Philips’ Image-Guided Therapy business group as of August 9, 2017.

Spectranetics is currently growing quickly, and projects 2017 sales to be approximately US$300 million. The company employs over 900 employees. The acquisition is expected to be revenue growth, adjusted EBITA [1] margin and adjusted EPS [2] accretive for Philips by 2018.

“Spectranetics is a highly complementary addition to our Image-Guided Therapy business group and will strengthen its position in a €6+ billion growth market,” says Frans van Houten, chief executive officer of Royal Philips. “The completion of this acquisition will accelerate the realisation of our strategic expansion into therapy devices. ”

Spectranetics’ device portfolio includes a range of catheters to treat coronary and peripheral artery disease, and the removal of implanted pacemaker and implantable cardioverter defibrillator leads. The Stellarex drug-coated balloon is a key growth driver in this portfolio.

The acquisition of Spectranetics was structured as a merger under Section 251(h) of the General Corporation Law of the State of Delaware following the successful completion of Philips’ previously announced tender offer to purchase all outstanding shares of common stock of Spectranetics for US$38.50 per share in cash, without interest, less any applicable withholding taxes.

As a result of the merger, all remaining Spectranetics shares were converted into the right to receive U$38.50 per share in cash, without interest, less any applicable withholding taxes.

Spectranetics has requested that NASDAQ files a Form 25 with the US Securities and Exchange Commission causing the delisting of Spectranetics’ common stock from NASDAQ. Spectranetics’ common stock will cease trading as of the close of trading on August 9, 2017.

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