Natus Medical to Acquire Excel-Tech

Medical device maker Natus Medical Inc. said Wednesday it will buy diagnostic systems company Excel-Tech Ltd. for about 62.5 million Canadian dollars, or $63.6 million. Canada-based Excel-Tech makes computer-based electro diagnostic systems to detect, diagnose and monitor neurologic and sleep disorders. Natus makes devices to screen, detect and treat a range of ailments and for newborn care screening. Natus will fund the buyout with cash on hand and $35 million in financing from Wells Fargo Bank N.A. The buyout is expected to close during the first week of December. Natus said Excel-Tech had revenue of 32.5 million Canadian dollars for the 12 months ended July 31 and the buyout is expected to be immediately accretive to earnings, excluding one-time charges. SOURCE: CNN