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news.Theragenics has signed an agreement to acquire NeedleTech Products for $47.8 million in cash, subject to adjustment. The acquisition is expected to close in the third quarter of 2008.
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Under the terms of the agreement, Theragenics will pay $47.8 million in cash, plus transaction costs, for NeedleTech, subject to the terms and conditions of the agreement. Theragenics will retain the cash and investments held by NeedleTech, which totaled approximately $5 million as of June 30, 2008.
The purchase price is also subject to a working capital adjustment at closing. Theragenics expects to finance $24.5 million of the purchase price with borrowings on its existing $40 million credit facility and pay the remainder from current cash and investment balances.
Christine Jacobs, chairman and CEO of Theragenics, said: “This acquisition will forward our stated strategy of becoming a diversified medical device manufacturer, will increase our breadth of offerings to our existing customers and will expand our customer base of large leading-edge original equipment manufacturers.”