Fujifilm to buy SonoSite of Bothell for $995 million
The Bothell-based company specializes in miniaturization and will help the Japanese firm expand its health-care products, Fujifilm said in a prepared statement.
Under the proposed deal, Fujifilm would use a U.S. subsidiary to offer $54 in cash for each share of SonoSite stock, which it said was a 50 percent premium from the average closing price during the past three months. It opened Dec. 15 at $53.75.
SonoSite would remain in Bothell under the existing management.
The Bothell company was a spinoff of ATL Ultrasound, now owned by Phillips Healthcare. It has always focused on portable devices that can be used in nontraditional settings, as well as in hospitals.
It said it has devices used in more than 20 clinical specialties.
"This transaction will bring together the complementary strengths of Fujifilm's high-quality imaging technologies and SonoSites's pioneering point-of-care expertise and miniaturization capabilities, amplifying the business' leadership within the growing (point of care ultrasound) sector," Fujifilm said in its statement.
The Japanese firm has been involved in health care beginning with the sale of X-ray films in 1936. It says SonoSite will help it speed its entry into commercializing the next generation of compact ultrasound products.
The deal depends on a vote of SonoSite shareholders. The company's board supports the deal and will recommend it.
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