Israeli esthetic medical products company Syneron Medical Ltd. (Nasdaq: ELOS) will be sold to private equity firm Apax Partners for $400-500 million. It was reported in February that Syneron was looking for a buyer, and the company hired the services of Barclays to this end.
Syneron's market cap is currently $366.2 million. It has traded as Syneron Candela since buying US company Candela for $65 million in 2009.
The acquisition comes after Syneron's two main Israeli competitors, Lumenis and Alma Lasers, were sold in the past few years. Privately-held Alma Lasers was sold to China's Fosun Pharma for $240 million, and Lumenis was sold to London based private equity firm XIO for $510 million.
Syneron was founded by Shimon Eckhouse after he was ousted from Lumenis, which he also founded, in a hostile takeover. In the 1990s, Syneron overtook Lumenis in its performance, and from then on the two companies competed head to head, and were traded on Nasdaq at similar market caps. Lumenis is currently managed by Amit Meridor, with Eckhouse, who owns 7% of the company, serving as chairman.
Published by Globes [online], Israel business news - www.globes-online.com - on April 2, 2017
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