Hologic Inc. acquired about 46% of French medical ultrasound company SuperSonic Imagine SA.
SuperSonic Imagine's main shareholders — Bpifrance, Andera Partners, Auriga Partners, Mérieux Participations and CDC PME Croissance — sold their 10,841,409 shares to Hologic for €1.50 apiece.
By August-end, Hologic will file a cash tender offer, followed by a squeeze-out, for all SuperSonic outstanding shares and all shares that may be issued before the closing of the tender offer at a price of €1.50 apiece. The deal will be valued at about $42 million if all outstanding warrants and options priced lower than €1.50 apiece are exercised.
The tender offer could be completed by the end of 2019, subject to clearance from French Financial Markets Authority.
Additionally, the Marlborough, Mass.-based medical device maker will provide up to $43 million to repay SuperSonic's net debt, giving it a maximum enterprise value of $85 million.
Aix-en-Provence, France-based SuperSonic also entered into a termination agreement with Kreos pursuant to which, upon payment of about €16.4 million, certain financing agreements entered into by both parties will be terminated.