Zoll Medical Corp has successfully completed its acquisition of Itamar Medical Ltd, a medical device and digital health company that provides at-home testing for sleep apnea. The companies had initially announced the acquisition in September 2021.
Zoll acquired all outstanding ordinary shares of Itamar Medical for $1.0333333 (equivalent to approximately NIS 3.24) per ordinary share, or $31 per American Depository Share (ADS), in cash (without interest, less any applicable withholding taxes and, in the case of ADSs, less applicable cancellation fees). As a result, Itamar Medical’s ordinary shares will cease to be traded on the TASE market and Itamar Medical will no longer have reporting obligations under applicable Israeli securities laws.
“We are pleased to announce the closing of the acquisition of Itamar and welcome its employees to the Zoll family,” said Jon Rennert, Zoll CEO. “Together, Zoll and Itamar Medical will help more patients receive diagnosis and treatment for sleep-disordered breathing and help strengthen the collaboration between the worlds of cardiology and sleep medicine.”
Itamar Medical will operate as a business division within Zoll, and Gilad Glick, who previously served as Itamar Medical’s CEO, will lead the division as its President. Itamar Medical’s principal operations in Caesarea, Israel will continue with no material changes to operations currently anticipated. Moving forward, Zoll will focus on the continuity of Itamar Medical’s business while using Zoll’s global infrastructure and strong brand to accelerate and expand growth opportunities.