Elekta has signed a definitive agreement to acquire Nucletron for EUR365 million ($524.39 million U.S.) in cash. After the aquisition is completed, Elekta said it will offer radiotherapy planning and delivery technologies with the addition of Nucletron's brachytherapy treatment planning and delivery systems.
The Veenendaal, Netherlands-based Nucletron will add 1,000 new customers to Elekta’s customer base of more than 5,000, according to the companies.
Under the terms of the agreement, Elekta will acquire Nucletron on a cash and debt-free basis. The transaction, which has been approved by the board of directors of both companies, is subject to regulatory approval and is expected to close in early autumn 2011.
The acquisition is expected to be accretive to Elekta’s cash earnings within 12 months, according to the Stockholm, Sweden-based company. The transaction will be financed through existing cash on hand and available credit facilities. The pro forma business will continue to have a strong financial profile. The transaction remains subject to regulatory approval and is expected to close in early autumn.
BoA Merrill Lynch served as Elekta’s exclusive financial advisor on the transaction, and NautaDutilh served as its legal counsel. Jefferies International served as exclusive financial adviser to Nucletron. Allen & Overy served as Nucletron’s legal counsel.