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E.T.View Medical Ltd. (TASE: ETVW), has signed a definitive agreement for its sale to Ambu A/S (CPH: AMBU-B), a Danish medical device company. E.T.View Medical Ltd. (“E.T.View“) develops and manufactures a portfolio of products that provide continuous visualization and ventilation of the airway during thoracic surgical procedures.
According to the agreement, Ambu A/S (“Ambu“) will acquire E.T.View in a “reverse triangular merger” valued at US$16 million, less about US$3.4 million in transaction costs, employee bonuses, and the assumption of certain debts, liabilities and expenses. Following the sale, E.T.View will be delisted from the Tel Aviv Stock Exchange and will become a wholly owned subsidiary of Ambu. The Board of Directors of E.T.View unanimously approved the agreement on 21 June 2016.
The fair value of The Trendlines Group’s holdings in E.T.View was approximately US$1.3 million as at 31 March 2016. Trendlines estimates that it will receive net proceeds of approximately US$3.3 million resulting in a pre-tax gain from the sale of approximately US$2.0 million.
Commenting on the sale, Trendlines Chairman and CEO Todd Dollinger, who also serves as Chairman of E.T.View, said, “Through the intensive work of E.T.View’s staff, with the support of the Trendlines team, E.T.View has become a global leader in lung isolation airway management with sales in North America, South America, Europe, Asia and Africa. Ambu’s proposed acquisition of E.T.View recognizes the importance of E.T.View’s innovative technology for thoracic surgeons and anesthesiologists. We are very pleased to to place E.T.View in Ambu’s hands and expect tremendous growth under Ambu to the benefit of patients and the medical community.”
Commenting on the significance of the transaction to The Trendlines Group, Mr. Dollinger added, “The sale of E.T.View marks the first exit that Trendlines has completed since listing on the Singapore Stock Exchange (SGX) on 26 November 2015. Trendlines is committed to supporting the growth of its portfolio companies and realizing the value of its portfolio companies at appropriate times.”