The acquisition of BioTelemetry is a strong fit with Philips’ cardiac care portfolio, and its strategy to transform the delivery of care along the health continuum with integrated solutions. The transaction is expected to be completed in the first quarter of 2021. The board of directors of BioTelemetry has approved the transaction and recommends the offer to its shareholders. The implied enterprise value is USD 2.8 billion (approximately EUR 2.3 billion), inclusive of BioTelemetry’s cash and debt. This represents a 16.5 percent premium to BioTelemetry’s closing price on December 17, 2020.
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Pursuant to the agreement, Philips will commence a tender offer to acquire all of the issued and outstanding shares of BioTelemetry for USD 72.00 per share, to be paid in cash upon completion.
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Royal Philips, a global leader in health technology, and BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring, today announced that they have entered into a definitive merger agreement. (NASDAQ: BEAT), the leading remote medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care, today announced that they have entered into a definitive merger agreement with Royal Philips (NYSE: PHG, AEX: PHIA). 18, 2020 (GLOBE NEWSWIRE) - BioTelemetry, Inc. BioTelemetry business is expected to deliver double-digit growth and improve its Adjusted EBITA margin to over 20% by 2025 acquisition will be sales growth and adjusted EBITA margin accretive for Philips in 2021.Combination will result in significant synergies driven by cross-selling opportunities, geographical expansion, portfolio innovation synergies, and productivity gains.
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