Fujifilm Holdings Corporation announced Wednesday that it has entered into a definitive agreement to acquire ultrasound technology firm SonoSite, Inc. for approximately $995 million.
Tokyo-based Fujifilm, through a U.S. subsidiary, will make an all-cash tender offer to purchase all outstanding shares of SonoSite common stock for $54 per share in cash. The purchase price represents a premium of 50 percent over SonoSite's average closing stock price over the three months ended Dec. 14, 2011, and a 75.4 percent premium over the closing price on Nov. 2, 2011, the last trading day before news reports relating to a possible sale transaction were first published.
The sales price also includes approximately $242 million in debt.
SonoSite specializes in the development of ultra-portable devices that are used in more than 20 clinical specialties. The company also recently expanded into the pre-clinical research market with its newly acquired ultra-high frequency micro-ultrasound technology.
“Leveraging their existing and future product portfolio Fujifilm and SonoSite will be able to capture the significant growth opportunities arising from new application areas in point-of-care ultrasound diagnosis and treatment,” Fujifilm said in a press release announcing the acquisition.
“We are delighted to be joining forces with SonoSite. This transaction significantly accelerates Fujifilm's full-scale entry into the fast-growing hand-carried ultrasound equipment market and will position ultrasonography as a strategic pillar for the future growth of our medical systems business,” said Fujifilm President and CEO Shigetaka Komori.
After the completion of the sale, SonoSite will become a division of Fujifilm and will continue to operate from its Bothell, Wash., offices.