Royal Philips (NYSE:PHG) announced today that it successfully completed its acquisition of all outstanding shares of BioTelemetry (NSDQ:BEAT).
Amsterdam-based Philips announced in December 2020 that it agreed to acquire the shares of BioTelemetry at a per-share price of $72, totaling approximately $2.8 billion. At 12 a.m. ET today, the offer expired as scheduled and was not extended as Philips expects to complete the acquisition later today through a merger, according to a news release.
As of the expiration of the offer, a total of more than 27 million shares (representing almost 79% of BioTelemetry’s outstanding shares) had been tendered into and not validly withdrawn. Additionally, the companies were advised that another 1.57 million shares were tendered by notice of guaranteed delivery. All shares that were validly tendered and not properly withdrawn were accepted for payment and Philips will pay for all such tendered shares in accordance with the terms of the offer.
Through the merger, BioTelemetry is slated to become a wholly-owned subsidiary of Philips, with the BEAT ticker set to no longer be listed on the NASDAQ market.
BioTelemetry develops diagnostics and monitors for heart rhythm disorders, including wearable heart monitors that detect and transmit abnormal heart rhythms wirelessly, along with AI-based data analytics and services. The previous announcement of the transaction said that BioTelemetry and its approximately 1,900 employees will join Philips’ connected care business segment.
Philips anticipated in December that the acquisition will be sales growth and EBITA margin accretive in 2021, with the BioTelemetry slated to grow double-digits and improve the company’s adjusted EBITA margin to more than 20% by 2025.
