Skip to content

BioTelemetry to tender for Swiss rival

April 10, 2017

BioTelemetry Inc. has entered into an agreement to acquire a Swiss competitor for $257.4 million in a deal involving two companies that both specialize in remote cardiac monitoring technology and services.

Under the terms of the agreement, BioTelemetry (NASDAQ: BEAT) of Malvern, Pa., will launch a tender offer in Switzerland to acquire all of the outstanding shares of LifeWatch. LIfeWatch shareholders will receive either 10 Swiss francs and 0.1457 shares of BioTelemetry stock per LifeWatch share, or eight Swiss francs and 0.2185 shares of BioTelemetry stock per LifeWatch share.

BioTelemetry will fund the transaction through a combination of cash on hand, debt and equity. The transaction has been approved by both company’s boards of directors.

“We believe the combination of the two innovative remote cardiac monitoring companies creates a unique opportunity to build an immensely successful connected health platform, capable of delivering highly sought after life-saving and cost-reduction solutions,” said Joseph Capper, president and CEO of BioTelemetry. “If the tender offer is successful, this transaction is expected to yield considerable efficiencies, creating tremendous shareholder value. We look forward to working with the LifeWatch team and hope to be able to welcome them to the BioTelemetry family in the near future.”

Dr. Stephan Rietiker, CEO of LifeWatch, said he believes the combination of the two companies will create a union that leverages each other other’s strengths. “This is a positive development for patients, payors, providers and stakeholders,” he said.

The transaction is expected to close during the third quarter of this year. The deal is conditioned upon at least 67 percent of all LifeWatch shares being tendered.

Raymond James is acting as lead financial advisor to BioTelemetry with Deloitte providing financial advice on certain accounting and diligence matters. Credit Suisse is acting as offer manager and financial advisor to BioTelemetry. Greenburg Traurig, Niederer Kraft & Frey and Reed Smith are serving as legal advisors to BioTelemetry.


From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: