Recently, the company announced that Royal Philips Electronics, will be 1.9 billion euros (US $ 2.16 billion) acquisition of US medical device manufacturer of minimally invasive surgery Spectranetics Corp, in order to consolidate its healthcare business and expand in the global market of image-guided therapy Leading edge.
Philips' revenue from imaging interventions in 2016 was approximately 1.9 billion euros, of which 20% came from equipment sales, or 400 million euros. Spectranetic expects sales revenue in 2017 to reach US$300 million. Based on the purchase price of US$2.16 billion, the multiple is 7.2 times higher than the conventional 3-5. The main reason is that Spectranetics is a high-value consumable for heart intervention. The manufacturer's valuation will be higher than the traditional manufacturers, so this price is completely acceptable. After the acquisition, it is estimated that by 2020, Philips will reach 1 billion euros in this field. It can be seen that the acquisition will give Philips a very impressive growth and is a cost-effective acquisition!
According to the Philips acquisition plan: a cash purchase price of $38.50 per share will be offered, which is 27% higher than Spectranetics' closing price on Tuesday. Philips will also repurchase up to 1.5 billion euros ($1.7 billion) in stock, about 46.1 million shares. It is scheduled to start in the third quarter of 2017 and will be completed within two years.
Philips expects Spectranetics to grow at a double-digit percentage this year, with full-year sales expected to reach $2.9-306 million.
In the past few years, Philips has continuously increased its strategic investment in R&D, partnerships and technology licensing, and successfully built a market-leading image-guided therapy business.
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