XIO Group Buys Laser Manufacturer Lumenis
By HospiMedica International staff writers Posted on 01 Jul 2015 |
Lumenis (Yokneam, Israel) has signed a definitive agreement to be acquired by XIO Group (Hong Kong, China) for approximately USD 510 million.
Lumenis is currently the world's largest energy-based medical device manufacturer of surgical, ophthalmology, and aesthetic applications, provides devices that use energy-based technologies including laser, intense pulsed light (IPL), and radio-frequency (RF) technologies. The company has an active installed worldwide base of more than 80,000 systems, and a commercial presence in over 100 countries.
The XIO investment fund, with executive offices Hong Kong and offices in London and Shanghai, made the offer a little over a year since the medical company went public on NASDAQ, after a ten year hiatus since being delisted in 2005. The boards of directors of both companies have approved the transaction, which is expected to close in September 2015.The largest shareholders of Lumenis, Viola Group and XT Hi-Tech Investments (which collectively own approximately 59% of the shares), have entered into a customary voting agreement with XIO Group.
“Over the past three years we have managed to transform Lumenis into a strong, growing, and profitable company. We have refocused our strategy, introduced new products, and tripled our EBITDA,” said Tzipi Ozer-Armon, CEO of Lumenis. “Furthermore, we have created a very bright and promising future for Lumenis by building a robust pipeline of innovative products, a strong sales team in each region, and by enhancing our global brand recognition.”
“We are excited about the announced transaction and the value created for Lumenis' shareholders,” said Harel Beit-On, chairman of the board of directors of Lumenis. “Over the last years, we had an opportunity to lead Lumenis through a strategic transformation into a valuable growing business with global appeal. We respect and appreciate the efforts of Lumenis management and employees and wish the company continued success.”
Chinese companies have made recent large investments in Israeli companies in both high-tech and other industries. The most prominent transaction was the acquisition of Tnuva, Israel's largest dairy company, by Bright Food, and some 30 Chinese investors have invested in about 80 startups.
Related Links:
Lumenis
XIO Group
Lumenis is currently the world's largest energy-based medical device manufacturer of surgical, ophthalmology, and aesthetic applications, provides devices that use energy-based technologies including laser, intense pulsed light (IPL), and radio-frequency (RF) technologies. The company has an active installed worldwide base of more than 80,000 systems, and a commercial presence in over 100 countries.
The XIO investment fund, with executive offices Hong Kong and offices in London and Shanghai, made the offer a little over a year since the medical company went public on NASDAQ, after a ten year hiatus since being delisted in 2005. The boards of directors of both companies have approved the transaction, which is expected to close in September 2015.The largest shareholders of Lumenis, Viola Group and XT Hi-Tech Investments (which collectively own approximately 59% of the shares), have entered into a customary voting agreement with XIO Group.
“Over the past three years we have managed to transform Lumenis into a strong, growing, and profitable company. We have refocused our strategy, introduced new products, and tripled our EBITDA,” said Tzipi Ozer-Armon, CEO of Lumenis. “Furthermore, we have created a very bright and promising future for Lumenis by building a robust pipeline of innovative products, a strong sales team in each region, and by enhancing our global brand recognition.”
“We are excited about the announced transaction and the value created for Lumenis' shareholders,” said Harel Beit-On, chairman of the board of directors of Lumenis. “Over the last years, we had an opportunity to lead Lumenis through a strategic transformation into a valuable growing business with global appeal. We respect and appreciate the efforts of Lumenis management and employees and wish the company continued success.”
Chinese companies have made recent large investments in Israeli companies in both high-tech and other industries. The most prominent transaction was the acquisition of Tnuva, Israel's largest dairy company, by Bright Food, and some 30 Chinese investors have invested in about 80 startups.
Related Links:
Lumenis
XIO Group
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