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China's XIO Group acquires Lumenis for $510m

XIO is paying a 16% premium on the share price of the Israeli medical device company.

Chinese investment fund XIO Group is acquiring Lumenis Ltd. (Nasdaq: LMNS), which develops surgical, ophthalmology and aesthetic applications, for $14 per share in cash, for an aggregate purchase price of $510 million. This is a 16% premium on the Yokneam based company's closing price on Nasdaq yesterday and 20% above its IPO price in early 2014.

Lumenis CEO Tzipi Ozer-Armon said, "This acquisition is a strong recognition and vote of confidence in Lumenis' achievements and its employees, and I am excited about the future prospects of Lumenis. Over the past 3 years we have managed to transform Lumenis into a strong, growing and profitable company. We have refocused our strategy, introduced new products, and tripled our EBITDA. Furthermore, we have created a very bright and promising future for Lumenis by building a robust pipeline of innovative products, a strong sales team in each region, and by enhancing our global brand recognition. I am confident that we will continue to thrive and reach new heights together with XIO Group."

Source: Globes

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