Altitude Acquisition said it has entered into negotiations to merge with a global medical device manufacturer in a deal that pegs the enterprise value of the company at approximately $480 million. The proposed transaction calls for the combined company to have at least $20 million in net cash at closing.
The target is in the medical device field with a product that is commercially available and approved for use in over 30 countries, and seeks additional expansion in the U.S., globally and in new jurisdictions around the world. Altitude anticipates entering into a letter of intent on or around Oct. 31 and a definitive merger agreement soon thereafter.
“We believe the target is a market leader in its field and a business combination would represent a tremendous opportunity for us and our shareholders,” said Gary Teplis, Altitude president and CEO. Read more.
