September 14, 2021 – ZOLL Medical Corporation (Chelmsford, MA), an Asahi Kasei company, and Itamar Medical Ltd. (Caesarea, Israel) announced they have signed a definitive agreement under which ZOLL Medical will acquire all outstanding ordinary shares of Itamar Medical for a total value of approximately $538 million.
Itamar Medical is focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. The company created the FDA-cleared WatchPAT Home Sleep Apnea Device, a sleep apnea diagnosis program for patients and healthcare professionals.
Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, ZOLL Medical will acquire all outstanding ordinary shares of Itamar Medical for $31 per American Depository Share (ADS), or $1.03 (equivalent to approximately NIS 3.31) per ordinary share, in cash.
Once the acquisition is completed, it is expected that Itamar Medical’s principal operations will continue at its current location in Israel, including its R&D and Digital Health Technology centers, as well as the production center.
The transaction is currently expected to close by the end of 2021.