In a landmark move into the medtech sector, Nikon Corporation, the 98-year-old Japanese company best known for its cameras, has agreed to buy British retinal imaging firm Optos for 259.3 million pounds ($400 million US).
Details in a joint release between the two companies about the acquisition state Nikon will pay 340 pence a share in cash for Optos, a 30.5 percent premium to the closing price on Thursday.
Commenting on the transaction, Kazuo Ushida, president of Nikon corporation, said, “I am pleased to announce this strategically important transaction for Optos and Nikon. I am confident that an Optos/Nikon combination would create a world class ‘retina’ player and would significantly benefit our respective stakeholders. Together, we will pursue various collaboration opportunities and further expand the medical business in the future.”
Dr. Peter Fellner, chairman of Optos, said, “Following the Transaction, Optos will become a key part of Nikon’s future strategy to develop a global medical business and will continue to provide its market leading solutions to the patients we serve. We are therefore pleased to recommend this acquisition to our shareholders.”
According to Nikon, the proposed acquisition of Optos is an important strategic initiative focused on driving sustainable long-term growth. As part of this initiative, Nikon aims to leverage its optical technologies and know-how into the medical industry. Retinal imaging is expected to grow significantly with the vision care needs of an aging population.
Nikon’s acquisition of Optos requires the approval of Optos shareholders, as well as court approval and anti-trust approvals and clearances. The second quarter of 2015 is when the deal is expected to close.
Nikon Corporation is one of the parent companies of Nikon Optical.
