Novanta buys $45.7m Laser Quantum shares
US firm Novanta has acquired the remaining shares of Laser Quantum for $45.7 million in cash and restricted stock.
Laser Quantum, based in Manchester, United Kingdom, is a supplier of solid-state continuous wave lasers, femtosecond lasers, and optical light engines for the medical market.
As a result of increasing Novanta's equity stake in Laser Quantum to 76 per cent in January 2017, Laser Quantum has been consolidated in Novanta's consolidated financial statements. The acquisition of the remaining 24 per cent minority interests will be accounted for as a transaction among shareholders. Accordingly, this transaction is not expected to give rise to gain or loss in the consolidated statement of operations.
The total purchase price was financed with cash on hand and borrowings under Novanta’s amended and restated credit facility, and the issuance of $15.0 million in restricted stock.
‘Novanta and Laser Quantum share a common emphasis on providing mission critical technologies to OEMs with medical and life science applications,’ said Lawrie Gloster, managing director of Laser Quantum. ‘We are excited to be with Novanta and are looking forward to continuing our work together. Joining Novanta in 2017 accelerated our business growth and expanded our ability to serve customers. The completion of this final step in the transaction deepens these collaborations and enables us to further strengthen our business.’