BioTelemetry Inc. agreed to acquire LifeWatch AG, a Zug, Switzerland-based supplier of digital health systems and patient monitoring services, in a transaction valued at about CHF260 million.
Under the agreement, BioTelemetry will launch a tender offer to acquire all of the outstanding shares of LifeWatch using a combination of cash, debt and equity. The boards of both companies have approved the transaction.
The merger will create a unique opportunity to build a connected health platform, capable of delivering life-saving and cost-reduction solutions, BioTelemetry President and CEO Joseph Capper said.
BioTelemetry will provide LifeWatch shareholders the option to receive either CHF10 in cash and 0.1457 BioTelemetry shares or CHF8 in cash and 0.2185 BioTelemetry shares, per LifeWatch share.
The transaction is expected to close in the third quarter, subject to the tender of at least 67% of all LifeWatch shares at the end of the offer period, plus customary offer conditions and regulatory approvals.
Raymond James is acting as lead financial adviser to BioTelemetry, with Deloitte as financial adviser on certain matters, Credit Suisse as financial adviser and offer manager, and Greenburg Traurig LLP, Niederer Kraft & Frey and Reed Smith LLP as legal advisers.
Lazard is acting as sole financial adviser to LifeWatch, with CMS von Erlach Poncet AG and Fox Swibel Levin & Carroll LLP as lead legal advisers.