Philips to buy Colorado-based Spectranetics for $2.2B

Posted at 8:02 AM, Jun 28, 2017
and last updated 2017-06-28 10:02:19-04

THE HAGUE, Netherlands (AP) — Dutch electronics and health care technology company Philips says it has an agreement to buy The Spectranetics Corporation in a deal worth 1.9 billion euros ($2.2 billion).

Spectranetics, based in Colorado Springs, makes medical devices used to treat arterial blockages in the heart and legs and to remove pacemaker and defibrillator leads.

Philips said Wednesday it is offering $38.50 (33.86 euros) in cash per share, a premium of 27 percent over Spectranetics June 27 closing price.

Spectranetics' board has approved the transaction and is recommending the offer to shareholders. Philips says the transaction is expected to close in the third quarter of 2017.

After completion of the deal, Spectranetics, which employs more than 900 people, will become part of Philips' Image-Guided Therapy Business Group.