Natus Medical Incorporated BABY and Astro-Med, Inc. ALOT
today announced that the companies have entered into a definitive agreement
for Natus to acquire the Grass Technologies Product Group from Astro-Med. The
Grass Technologies Product Group includes clinically differentiated
neurodiagnostic and monitoring products, including a portfolio of
polysomnography (PSG) and electroencephalography (EEG) systems for both
clinical and research use and related accessories and proprietary electrodes.
The transaction is expected to close on January 31, 2013. Natus will fund the
approximate $18.6 million cash purchase price with existing cash and
borrowings under its credit facility. Astro-Med reported revenue from the
Grass segment of $18.5 million for the fiscal year ended January 31, 2012.
Astro-Med will retain its Grass manufacturing facility and the companies have
entered into an agreement whereby Astro-Med will continue to manufacture the
Grass products and provide other transition services for a period of time,
after which Natus will acquire any remaining inventory.
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