CONMED signed a definitive agreement to acquire SurgiQuest for $265 million on a cash-free, debt-free basis.
Here are five key notes:
1. SurgiQuest develops, manufactures and markets the AirSeal System, an integrated access management technology for use in laparoscopic and robotic procedures.
2. CONMED is a medical technology company that provides surgical devices and equipment for minimally invasive procedures in specialties such as orthopedics, general surgery, gynecology, neurosurgery and gastroenterology.
3. The transaction will be financed through a combination of cash and borrowings under a new credit facility.
4. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2016.
5. Kurt Azarbarzin, SurgiQuest's founder and CEO, will join CONMED as chief technology officer of the advanced surgical business.