London-based private equity firm Apax Partners LLC agreed to buy Syneron Medical Ltd. for $397 million in cash.
Syneron Medical—also known as Syneron Candela—is based in Israel and maintains a U.S. headquarters in Irvine under the name Syneron Inc. It makes nonsurgical aesthetic devices for body contouring, tattoo and hair removal, and wrinkle reduction.
Apax agreed to pay $11 a share for Syneron, which can solicit competing offers in the “go-shop” period through May 9.
The per share acquisition price is a 15% premium to Syneron’s 90-day volume-weighted average closing price through March 31. Shares traded recently at about $11.25.
Barclays advised Syneron, and J.P. Morgan advised Apax.
—Sherry Hsieh
