MGC Diagnostics has completed a stock purchase agreement to acquire Medisoft.
Medisoft is a Sorinnes, Belgium headquartered, privately held manufacturer of market-leading cardiorespiratory diagnostic products.
The Company plans to close the transaction on August 1, 2014.
Medisoft has served the cardiorespiratory diagnostics market since 1979 and had 2013 revenues of approximately 4.7 million ($6.4 million).
Under the Stock Purchase Agreement, MGC Diagnostics will acquire Medisoft for cash consideration of 5.8 million ($7.9 million) and three-year warrants to purchase 1.0 million ($1.4 million) of MGCD common stock.
Of the 5.8 million in cash consideration, approximately 4.1 million ($5.6 million) will be paid to Medisoft shareholders and approximately 1.7 million ($2.3 million) will be used to pay off existing Medisoft debt.
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