The $84-per-share deal for Peabody, Mass.-based Analogic, announced in April, is worth roughly $1.1 billion. The acquisition passed its first hurdle in the sale late in April, when the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Act. Analogic’s shareholders approved the go-private deal June 21.
“We are pleased to announce the successful conclusion of our previously announced transaction with Altaris,” former Analogic chairman Bernard Bailey said in prepared remarks. “Analogic has a renowned history of developing solutions to help improve the practice of medicine and save lives, and our team around the world is committed to furthering this important work. With Altaris’s support, Analogic is well positioned to continue to address the evolving needs of the markets we serve.”
“We are delighted to complete our investment in Analogic and would like to thank all those involved in the transaction for their hard work and professionalism,” added Altaris managing director George Aitken-Davies. “We are excited about the opportunities that lie ahead for Analogic as the company redoubles its efforts to drive continued technological innovation and outstanding service for its customers.”
The sale follows an internal review Analogic announced a year ago, in which the company contacted approximately 75 potential financial and strategic buyers, domestically and internationally, as it explored the proverbial “strategic alternatives.”
Analogic said it explored a number of other options, including a sale of the entire company and separation of its three business units, as well as continued operation on a stand-alone basis.
At least three lawsuits were filed in the U.S. District Court for Massachusetts over the deal, including one claiming that Analogic withheld information and supplied misleading information in its support of the acquisition.