U.K. device maker Halma completes the acquisition of Microsurgical Technology for $57M.
U.K. health technologies maker Halma acquired Redmond,Washington-based ophthalmic surgical products provider MicroSurgical Technology for $57 million in cash plus additional $2 million for cash retained in business.
MST will join Halma's health and analysis sector within the Health Optics sub-sector which includes Halma ophthalmic device businesses Accutome, Keeler, Medicel, Riester and Volk.
"The acquisition of MST continues our strategy of focusing on critical products in niche markets with strong growth drivers, expanding our surgical product offering in ophthalmology," Halma's chief executive Andrew Williams said in prepared remarks. "The international presence of our other ophthalmic product businesses offers exciting growth opportunities for MST under Halma's ownership."
The acquisition, which is expected to add to earnings immediately, has been funded by Halma's existing cash and debt facilities, according to the press release. Halma posted full-year 2011 revenue of $17.1 million.
MicroSurgical's payment will rise to $43 million if earnings for the 2 year period to March 2015 surpasses a pre-determined target, the company said.
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