RTTNews | Dec 18, 2020 10:03AM EST

10:02 Friday, December 18, 2020 (RTTNews.com) - Shares of remote medical technology company BioTelemetry, Inc. (BEAT) are surging more than 17% Friday morning after Royal Philips (PHG) has agreed to buy the company for about $2.8 billion.

As per the deal, Philips will acquire all of the issued and outstanding shares of BioTelemetry for $72.00 per share, to be paid in cash, a 16.5% premium to BioTelemetry's closing price on December 17, 2020.

The implied enterprise value is $2.8 billion, inclusive of BioTelemetry's cash and debt.

BioTelemetry expects more than 20% growth in its Adjusted EBITA margin by 2025. Acquisition will be sales growth and adjusted EBITA margin accretive for Philips in 2021.

The transaction is expected to be completed in the first quarter of 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3155064/stock-alert-biotelemetry-jumps-17-as-philips-acquires-it.aspx)

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