SuperSonic Imagine’s main shareholders — Bpifrance, Andera Partners, Auriga Partners, Mérieux Participations and CDC PME Croissance — sold all 10.8 million of their shares to Marlborough, Mass.-based Hologic at a price of €1.50 or $1.68 per share on Friday.
Hologic has also agreed to pay up to $43 million to pay off any debts owed by Aix-en-Provence-based SuperSonic Imagine. The offering price is a 42.9% premium on SSI’s €YY closing price June 19 and a 45.7% premium on the stock’s 60-day volume-weighted average price, the companies said.
The transaction is not subject to the French foreign investments prior authorization process, according to Hologic.
“We are very pleased to take this important step in the process of acquiring SuperSonic Imagine, and are excited to begin integrating the company’s best-in-class ultrasound technology, products and people with Hologic’s broader resources for the benefit of women’s breast health,” said Pete Valenti, Hologic’s division president for breast and skeletal health solutions, in a news release.
Hologic expects to file a tender offer of €1.50 per share for the remaining shares of SuperSonic Imagine by the end of August. The deal is subject to approval by SSI’s board of directors and France’s Autorité des marchés financiers.
SuperSonic Imagine posted sales of about $29 million last year, with less than 15% of that coming from the U.S., and employs about 180 workers.
Hologic estimated in June that the buyout would be less than 1% dilutive to its adjusted earnings per share for fiscal 2020.
($1 = €0.89424)