Photomedex, a developer of excimer light, LED and skincare products, has announced a definitive merger agreement with Radiancy, manufacturer of professional and home-use aesthetic and dermatologic devices, and PHMB Merger Sub, a wholly owned subsidiary of Photomedex. Under the terms of the agreement, Radiancy will provide cash for Photomedex to repurchase convertible notes and accrued interest, which—at the close of the agreement—was valued at $22.4 million. Merger Sub will merge into Radiancy, and Radiancy will become a wholly owned subsidiary of Photomedex. As a result of stock transfers and issues, upon consummation of the transaction Photomedex shareholders will own approximately 25% of the combined company, and Radiancy shareholders will own approximately 75%.
Photomedex To Merge With Radiancy
Aug 18th, 2011