By Lisa Kerner
Charlotte, N.C., Jan. 8 - Advanced Medical Optics, Inc. said it has entered into a definitive agreement to acquire IntraLase Corp. for $25 cash per share in a deal worth an estimated $808 million.
The transaction is expected to close early in the second quarter of 2007.
Advanced Medical has arranged for a $900 million acquisition facility from a consortium of banks led by USB Investment Bank, according to a news release.
"We believe the transaction benefits eye care practitioners and their patients by bringing together state-of-the-art technologies to define a new standard of care in laser vision correction," chairman, president and chief executive officer Jim Mazzo said in the release.
"Additionally, we believe the transaction is financially attractive and will create significant operating leverage and growth opportunities, as well as stockholder value."
Advanced Medical Optics is a global ophthalmic surgical and eye care products company based in Santa Ana, Calif.
IntraLase, located in Irvine, Calif., designs, develops, and manufactures an ultra-fast laser used in refractive and corneal surgery.
| Acquirer: | Advanced Medical Optics, Inc.
|
| Target: | IntraLase Corp.
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| Payment per share: | $25
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| Announcement date: | Jan. 8
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| Expected closing: | Second-quarter 2007
|
| Stock price for target: | Nasdaq: ILSE: $22.23 on Jan. 5
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