Zoll Medical announced today that it completed its previously announced $538 million acquisition of Itamar Medical (NSDQ:ITMR).
In September, Zoll confirmed its intent to acquire all outstanding shares of Itamar, a developer of non-invasive devices and solutions for the diagnosis of respiratory sleep disorders, at $31 per American Deposiory Share (ADS), a premium of 50.2% over the price of Itamar’s ADS on the Nasdaq market on Sept. 10.
According to a news release, Israel-based Itamar Medical’s ordinary shares will cease to be traded on the TASE market and the company will no longer have reporting obligations under applicable Israeli securities laws.
Chelmsford, Massachusetts-based Zoll said Itamar will operate as a business division within the company, with Itamar’s CEO, Gilad Glick, to lead the division as President.
Itamar’s principal operations in Caesarea, Israel, will continue with no material changes to operations currently expected. Zoll plans to focus on the continuity of Itamar’s business while using its own global infrastructure and brand to accelerate and expand growth opportunities.
“We are pleased to announce the closing of the acquisition of Itamar and welcome its employees to the Zoll family,” Zoll CEO Jon Rennert said in the release. “Together, ZOLL and Itamar Medical will help more patients receive diagnosis and treatment for sleep-disordered breathing and help strengthen the collaboration between the worlds of cardiology and sleep medicine.”