Royal Philips (NYSE:PHG) said yesterday it closed its $2.2 billion deal to acquire US vascular intervention device maker Spectranetics.
With the closure, Spectranetics and its financial results will be consolidated into Philips image-guided therapy business, the company said. Philips said that Spectranetics employs over 900 individuals and is currently posting double-digit growth, with projected 2017 sales of approximately $300 million.
The $38.50-per-share deal valued Spectranetics at $2.16 billion (€1.9 billion), including cash and debt, and is a 27% premium on SPNC’s $30.40 closing June 27, a day before the deal was announced.
