Apax Partners close to buying Israel's aesthetic device company Syneron for $500 mn

Private equity firm Apax Partners is close to clinching a deal to buy Israel's aesthetic device company Syneron Medical, for about $500 million, local media yesterday reported.

Israeli financial newspaper Calcalist reported that Apax would pay a 37-per cent premium to Syneron Medical, which has a market cap of $366 million.

Both companies had entered into talks in February and a deal could be finalised as early as this week, the report said.

Syneron Medical develops and markets aesthetic medical products. Its product line includes devices for hair removal, wrinkle treatment, and skin rejuvenation.

The company sells its products under three distinct brands, Syneron, Candela and CoolTouch, and has a wide portfolio of products including UltraShape, VelaShape, GentleLase, VBeam Perfecta, PicoWay, Profound and elos Plus.

The Yokneam, Israel-based company markets its products in 86 countries.

It has offices in North America, France, Germany, Italy, Portugal, Spain, UK, Australia, China, Japan, and Hong Kong and distributors worldwide.