Hamilton Thorne (TSX: HTL) is set to leave the Canadian markets, announcing this morning that the firm, whom produces precision instruments, is to be acquired by Astorg, a private equity firm, in an all-cash transaction.

The purchase will see shareholders of Hamilton Thorne receive $2.25 in cash for each share held, giving the company an enterprise value of approximately $388 million, inclusive of debt. The figure represents a 54% premium to Friday’s close. Notably, Daniel Thorne and FAX Capital have agreed to roll certain of their positions into the resulting company, which accounts for 13.9% of the present ownership of Hamilton Thorne.

The transaction however is subject to the company successfully acquiring the ART product portfolio of Cook Medical, with the entities to be combined on a post-transaction basis.

“Hamilton Thorne’s mission since our inception has been to deliver high quality, innovative, and reliable equipment and consumables and strong technical support to laboratories in the IVF/ART and adjacent spaces, and to enable our customers to deliver better outcomes to patients globally. By partnering with Astorg and joining forces with Cook ART, we expect to be well-positioned to better serve doctors, embryologists, researchers, and patients with a more comprehensive offering,” commented Dr Kate Torchilin, CEO of Hamilton Thorne.

Closing of the transaction also remains subject to shareholder approval, with a special meeting expected to be held in September, as well as regulatory approval. A $13.5 million break-fee is also in play.

Hamilton Thorne last traded at $2.16 on the TSX.

Information for this briefing was found via Edgar, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.