Novanta (Nasdaq: NOVT) has spent nearly $46 million to buy the remaining 24% of Laser Quantum, which supplies solid-state continuous wave lasers, femtosecond lasers and optical light engines to medical market OEMs.
Novanta (Bedford, Mass.) previously increased its equity stake in Lasser Quantum (Machester, U.K.) to 76% in January 2017. The purchase of the remaining minority interests, announced yesterday, is being accounted as a transaction among shareholders. Novanta officials don’t expect the transaction to result in a gain or loss in the company’s consolidated statement of operations.
“Novanta and Laser Quantum share a common emphasis on providing mission-critical technologies to OEMs with medical and life science applications,” Lawrie Gloster, managing director of Laser Quantum, said in a news release.
“We are excited to be with Novanta and are looking forward to continuing our work together. Joining Novanta in 2017 accelerated our business growth and expanded our ability to serve customers,” Gloster said. “The completion of this final step in the transaction deepens these collaborations and enables us to further strengthen our business.”
Novanta financed the deal with cash on hand, borrowings under the company’s amended and restated credit facility, and the issuance of $15.0 million in restricted stock.