General Electric, through its GE Medical Systems division, and Instrumentarium Corporation, an international medical technology company announced today that the companies have entered into a definitive agreement for GE to acquire Instrumentarium.
According to a statement, GE will initiate a tender offer to acquire all of the outstanding Instrumentarium shares for 40 Euros per share payable in cash. The offer is expected to commence within 30 days.
Upon completion of the tender offer, GE intends to combine the operations of Instrumentarium with GE Medical Systems, and Helsinki will become the European headquarters for the GE Medical Systems Information Technologies business.
Instrumentarium employs approximately 5,400 people worldwide, and operates R&D and manufacturing facilities in Finland, Germany, Sweden and the USA. Additionally, Instrumentarium has sales and service subsidiaries in more than 20 countries globally and a network of distributors covering more than 100 countries.
The transaction, which is expected to close in 2003, is subject to a minimum acceptance condition of 80%, regulatory approvals and other customary conditions. The boards of directors of both Instrumentarium and GE have approved the combination agreement.