PEABODY, Mass.--(BUSINESS WIRE)--Analogic Corporation (NASDAQ: ALOG) announced today that it has entered into an agreement to acquire privately held Copley Controls Corporation of Canton, Massachusetts, a leading supplier of gradient amplifiers for Magnetic Resonance Imaging (MRI), and precision motion control systems. The purchase price is approximately $68.75 million cash and up to an additional $1.8 million to reimburse Copley shareholders for the tax consequences of the transaction. Copley will become a wholly owned subsidiary of Analogic. The transaction is expected to close in early April 2008, and will be subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act. The purchase price and additional reimbursement to be paid to Copley shareholders will be funded out of Analogic’s available cash and the transaction is not subject to financing conditions.
