TEL AVIV, April 3 British private equity firm
Apax Partners has agreed to buy Israel's Syneron
Medical Ltd, a non-surgical aesthetic device company,
for $11.00 per share in cash, or a total of $397 million, the
companies said on Monday.
The share price represents a 15 percent premium to Syneron's
90-day average closing price through March 31, and a 33 percent
premium to its 90-day average closing price through Feb. 10, the
last trading day prior to media speculation of a transaction.
Syneron says its products have a range of applications, like
body contouring, hair removal and wrinkle reduction. The
products are sold under two brands, Syneron and Candela.
"We have identified the medical aesthetics market as a
highly attractive investment area given its long-term growth
prospects," said Steven Dyson, co-head of healthcare at Apax.
The agreement includes a "go-shop" period which ends on May
9. During this period, Syneron Candela, with the assistance of
Barclays, will solicit, evaluate and potentially enter into
negotiations with respect to alternative proposals from third
(Reporting by Tova Cohen)