Altaris Capital Partners’ $1.1 Billion Acquisition of Analogic

Citigroup Global Markets Inc. is serving as financial advisor to Analogic, and Wilmer Cutler Pickering Hale and Dorr LLP is serving as legal counsel to Analogic. Schiff Hardin LLP is serving as legal counsel to Altaris. Shearman & Sterling advised Citigroup as financial advisor to Analogic.

Analogic Corporation (NASDAQ:ALOG) , a provider of leading-edge healthcare and security solutions, and Altaris Capital Partners, LLC, a leading private investment firm with expertise in Analogic’s end markets, have entered into a merger agreement under which Analogic will be acquired by Altaris for $84.00 per share in cash, or approximately $1.1 billion on a fully diluted basis.

The transaction and the merger agreement were unanimously approved by Analogic’s Board of Directors, and the Board unanimously recommends that Analogic’s stockholders vote in favor of the transaction.

The transaction represents a 25% premium to the Company’s closing share price of $67.45 on June 7, 2017, the day after the Company reported quarterly earnings for the third quarter of fiscal 2017 and announced the launch of the strategic review process. On June 6, 2017, the last trading day prior to this announcement, Analogic’s stock price closed at $74.60.

The transaction is expected to close in mid-2018 and is subject to approval by Analogic stockholders, regulatory approval and other customary closing conditions. Upon the completion of the transaction, Analogic will become a privately held company and shares of Analogic’s common stock will no longer be listed on any public market.

Shearman & Sterling advised Citigroup with a team including Robert Katz (Picture) and associate Christopher Glenn.

 

Involved fees earner: Robert Katz – Shearman & Sterling; Christopher Glenn – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Citigroup Inc.;