ZOLL Acquires Itamar Medical for $538M
ZOLL Medical Corporation, a company owned by Asahi Kasei which specialises in the manufacture of medical devices and similar software solutions, declared recently that it has been successful in completing the previously announced acquisition of the company Itamar Medical Ltd., which specialises in digital health and medical devices, and is a major provider of at-home testing kits for sleep apnea. The acquisiton occurred for the sum of $538M. Jon Rennert, ZOLL CEO., said the following in regard to the acquisition: “We are pleased to announce the closing of the acquisition of Itamar and welcome its employees to the ZOLL family. 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.”
As part of the company’s reorganization, Itamar Medical will exist as a business division within ZOLL. Itamar Medical will be led by Gilad Glick as its President, who previously served as that company’s CEO.
Itamar Medical’s main operations will continue in Caesarea, Israel, with no significant changes in operations expected in the near future.
ZOLL will now focus on ensuring continuity of business at Itamar Medical while leveraging the global resources of ZOLL, as well as the strength of its brand, to increase and expand growth opportunities.
ZOLL was advised financially by Goldman Sachs & Co. LLC, and its legal counsel was provided by Cooley LLP and Gornitzky & Co. Itamar Medica was financially advised by Piper Sandler & Co., and Goldfarb Seligman & Co., as well as Latham & Watkins LLP, performed the duty of legal advisors. Defibrillation and heart monitoring, circulation enhancing products, and CPR feedback, as well as data management, ventilation, therapeutic temperature management, and treatment and diagnosis for sleep apnea are just a few of the products ZOLL offers. This comprehensive range of solutions helps clinicians, medical professionals, and lay rescuers improve patient outcomes in critical cardiovascular conditions. Medical technology company Itamar Medical specializes in the development of non-invasive medical devices and solutions to help diagnose respiratory sleep disorders. It offers a digital healthcare platform that facilitates the continuum of care for effective management of sleep apnea with a focus on the cardiology, direct to consumer, and sleep apnea markets. As part of its Total Sleep Solution, Itamar Medical can assist physicians in providing comprehensive sleep apnea management to patients in a variety of clinical settings, improving the quality of care and reducing healthcare costs. A key product of the company is WatchPAT, which is available commercially throughout the market, including the US, Japan, and Europe.
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