Apax Partners Worldwide LLP is acquiring Syneron Medical Ltd. in a deal valued at about $397 million.
Israel-based Syneron Medical, also known as Syneron Candela, is a nonsurgical aesthetic device company focusing on the improvement of skin appearance and treatment of acne, leg veins, and cellulite.
The company's shareholders will receive $11 in cash for every Syneron stock they own.
The merger agreement includes a "go-shop" period, during which Syneron will solicit, evaluate and potentially enter into negotiations about alternative proposals from third parties. The go-shop period ends May 9.
The transaction is subject to customary closing conditions, including Syneron shareholder approval and regulatory approvals.
Barclays serves as the exclusive financial adviser to Syneron in the transaction; Gross Kleinhendler Hodak Halevy Greenberg & Co. and Morrison & Foerster LLP act as legal advisers. J.P. Morgan is the financial adviser to Apax Partners, while Simpson Thacher & Bartlett LLP and Meitar Liquornik Geva Leshem Tal are legal advisers.