Fujifilm Acquires Medical Imaging Company SonoSite For $995 Million
FUJIFILM Holdings Corp (TYO:4901) has agreed to acquire SonoSite Inc. for around $995 million. The acquisition included a debt owed to note holders. This expands the range of imaging products used in medicine.
Fujifilm is paying $54 per share in cash for SonoSite. This will help Fujifilm expand further into healthcare as they are seeking for ways to diversify away from cameras and film. SonoSite is the world leader company in bedside and point-of-care ultrasound with a distribution network that covers more than 100 countries. SonoSite specializes in portable ultrasounds.
SonoSite has a net income of $10 million from sales of $275 million in revenues last year. The company also has a $115 million convertible bond that is maturing in July 2014.
“We had been interested in SonoSite for five or six years, but we approached the company last year,” stated Fujifilm head of medical system operations Koichi Tamai. As of right now, SonoSite has a 37% market share in ultrasound machinery and General Electric is the dominant supplier as of right now.@amitchowdhry or on Google+ at +AmitChowdhry