ESC Medical Systems to expand U.S. sales force with $93 mil. Luxar buy.
This article was originally published in The Gray Sheet
Executive Summary
ESC MEDICAL SYSTEMS' $93 MIL. LUXAR ACQUISITION would add 51 direct reps and 14 distributors to ESC's U.S. sales force, which currently is composed of 12 direct reps and two distributors. On Feb. 19, the Israeli cosmetic laser manufacturer announced a definitive stock-swap agreement under which it would acquire Bothell, Washington-based Luxar, a privately held manufacturer of surgical lasers. The deal, which is expected to close in March, calls for ESC to issue Luxar shareholders approximately 2.5 mil. shares of ESC common stock in exchange for all of Luxar's shares. ESC stock closed Feb. 14 at 37-1/4.