French technology company Thales Group has launched a bid to acquire Israeli digital x-ray firm CMT Medical Technologies, and the proposal has been approved by CMT's board.
Thales today filed documents with French regulatory authorities proposing to acquire all outstanding shares of CMT. Under the terms of the deal, CMT shareholders would receive 5.65 euros ($8.06) in a deal that values CMT at 21.5 million euros ($30.7 million). CMT's board agreed to the bid.
CMT is based in Yoqneam and supplies digital x-ray equipment to OEMs in Asia and the U.S. The company generated revenues of about $22 million in 2007.
The Thales bid is part of the company's strategy to grow as an OEM supplier in medical imaging. CMT's technology complements Thales' portfolio in digital x-ray, which includes Trixell, a French firm based in Moirans that supplies flat-panel digital radiography detectors to OEMs.
In particular, Thales believes that the CMT deal will give it additional expertise in clinical image processing and improved integration capabilities in digital x-ray. Thales expects to maintain CMT's Yoqneam facility, the company said.
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