Analogic to acquire MRI gradient amplifier supplier for nearly $70M

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Analogic has entered into an agreement to acquire Copley Controls of Canton, Mass., a supplier of gradient amplifiers for MRI and precision motion control systems.

The purchase price is approximately $68.75 million cash and up to an additional $1.8 million to reimburse Copley shareholders for the tax consequences of the transaction, according to the Peabody, Mass.-based Analogic.

The transaction is subject to customary closing conditions, which the company expects to close in early April.

If the transaction is completed, Copley will become a wholly owned subsidiary of Analogic.

The purchase price and additional reimbursement to be paid to Copley shareholders will be funded out of Analogic's available cash and the transaction is not subject to financing conditions, the company said.