SAN CARLOS, Calif. & OAKVILLE, Ontario--(BUSINESS WIRE)--Natus Medical Incorporated (Nasdaq:BABY) and Excel-Tech Ltd. (“XLTEK”) (TSX:NRV) today announced that the companies have entered into a definitive agreement for Natus to acquire XLTEK. Canadian based XLTEK develops and markets computer-based electro diagnostic systems and disposable supplies used by medical practitioners to aid in the detection, diagnosis, and monitoring of neurologic and sleep disorders.
The acquisition is to be completed by way of a statutory plan of arrangement in Canada under which Natus will acquire all of the outstanding common shares of XLTEK at a cash price of C$3.25 per share. In addition, each share subject to an XLTEK stock option will convert into an amount equal to the excess of C$3.25 over the exercise price of the option. The transaction is valued at approximately C$62.5 (U.S. $63.6) million based on approximately 19.4 million XLTEK shares outstanding on a diluted basis. XLTEK reported revenue of C$32.5 million in the twelve months ended July 31, 2007, cash and cash equivalents of C$16.4 million as of July 31, 2007, and owns the land and building housing their corporate facility in Oakville.
