CardioNet (BEAT) to Acquire cardioCORE Lab in $23.5M Deal
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CardioNet, Inc. (Nasdaq: BEAT), announced that it has entered into a definitive merger agreement with cardioCORE Lab, Inc., a leading centralized cardiac testing laboratory with locations near Washington, D.C., San Francisco, CA and London, UK.
The total consideration to be paid by CardioNet will be $23.5 million. At its option, CardioNet may pay up to $3.5 million of the total consideration in the form of common stock. The transaction, subject to customary closing conditions, is expected to close in the third quarter of 2012.
cardioCORE is expected to generate $19.0 to $20.0 million in revenue and $3.5 to $4.0 million in EBITDA for the full year 2012. CardioNet will provide additional information regarding the expected financial impact of the transaction on its second half results during its earnings conference call scheduled for August 8, 2012.
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The total consideration to be paid by CardioNet will be $23.5 million. At its option, CardioNet may pay up to $3.5 million of the total consideration in the form of common stock. The transaction, subject to customary closing conditions, is expected to close in the third quarter of 2012.
cardioCORE is expected to generate $19.0 to $20.0 million in revenue and $3.5 to $4.0 million in EBITDA for the full year 2012. CardioNet will provide additional information regarding the expected financial impact of the transaction on its second half results during its earnings conference call scheduled for August 8, 2012.
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