Elekta AB (publ) (STO:EKTAB) today announced it has successfully
completed its acquisition of Nucletron, the world leader in
brachytherapy treatment planning and delivery. Through the combination
Elekta will offer a complete range of radiotherapy planning and delivery
technologies. As the market leader in Europe and with strong positions
in North America and Asia, Elekta will enhance the combined ability to
meet the clinical needs of cancer patients and health care providers
throughout the world.
“Now we have successfully completed the acquisition and we are very
enthusiastic about building a broader, stronger and highly complementary
range of cutting-edge cancer care solutions”
“Now we have successfully completed the acquisition and we are very
enthusiastic about building a broader, stronger and highly complementary
range of cutting-edge cancer care solutions,” said Elekta’s President
and CEO, Tomas Puusepp. “Nucletron has a strong financial track record
with good growth, high profitability and a large share of recurring
revenues. We are committed to further increase the growth in Nucletron
to be in line with Eleka’s long term growth targets. Nucletron will add
approximately 1,000 new customers to Elekta’s customer base of more than
5,000 and the combination will allow the enlarged group to take mutual
advantage of Nucletron’s expertise in brachytherapy combined with
Elekta’s global presence, particularly in emerging markets”.
Under the terms of the acquisition agreement of June 21, 2011, Elekta
has paid a cash consideration of EUR 365 M to acquire Nucletron on a
cash and debt-free basis. The transaction is financed through Elekta’s
existing cash on hand and available credit facilities. In 2010 Nucletron
reported net sales of EUR 128 M and EBITDA of EUR 26 M.
Nucletron will be included in Elekta’s consolidated accounts from
September 15, 2011. For the fiscal year 2011/12 Nucletron is expected to
report net sales of approximately SEK 850 M and an operating result
(EBIT, excluding non-recurring costs) of approximately SEK 170 M.
Elekta expects the integrated businesses to generate both revenue and
cost synergies. Annual cost synergies have been estimated to
approximately SEK 75 M and are expected to be realized in fiscal year
2012/13. Synergy effects in fiscal year 2011/12 are expected to be
limited.
Acquisition-related non-recurring costs totaling approximately SEK 170 M
will affect Elekta’s earnings. Transaction costs of SEK 10 M was
expensed in the first quarter of the fiscal year 2011/12 and another
approximately SEK 30 M is expected to be charged in the second quarter.
The remainder of SEK 130 M refers to restructuring costs and is expected
to be incurred in the second half of the fiscal year 2011/12 and during
2012/13. Based on a preliminary purchase price allocation the
amortization of intangible assets related to the acquisition will amount
to approximately SEK 75 M per year.
The acquisition is expected to be mildly dilutive to Elekta’s earnings
per share in fiscal year 2011/12.
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