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Top 10 Israeli M&A’s of 2021 Part One

DSP Group

Israel is known as Startup Nation. And every startup looks for its exit. The exit can come in two ways: an IPO or a sellout.

Here, JBN is dealing with the second kind of exit. This is our top ten list of the biggest M&A’s for Israel in the year 2021.

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Israel’s Lumenis Sells Surgical Operation For $1.1 Billion To Boston Scientific

The biggest deal of 2021 was not for an entire company, but for just one of a company’s operations. Back in March, Boston Scientific acquired the global surgical business of Israel’s Lumenis LTD. Lumenis is a privately-held company that develops and commercializes energy-based medical solutions. The sale was for of $1.07 billion in cash, subject to closing adjustments.

Baring Private Equity Asia (BPEA), Lumenis’ current owner, retained control of the Lumenis global aesthetics and ophthalmology businesses. With 2021 net sales anticipated to be approximately $200 million, the Lumenis surgical business includes premier laser systems, fibers and accessories used for urology and otolaryngology procedures. Foundational to its urology portfolio is the proprietary MOSES technology, which has demonstrated differentiated clinical outcomes and efficiency in the management of patients with kidney stones.

Azrieli Group Acquires Norway’s Green Mountain For $850 Million
In July, Smedvig, the majority owner of Green Mountain, agreed to sell the company to Azrieli Group Ltd., an Israeli publicly traded real estate investment and development company on the Tel Aviv Stock Exchange. The sale price was reportedly $850 million.

You certainly have heard of data centers. Everybody has. All the big companies like Amazon keep on building them. They are also building new ones in Israel. In part, the need for more and more data centers is being fueled by the growth of cloud computing. As people and organizations use more and more Software as a Service offered on line and cloud based storage the need for more physical servers increases.

Green Mountain boasts that their data centers are some of the world’s greenest. The company explains that their “unique location” enables it to use 100% renewable hydropower to operate and cool their award-winning, high efficiency facilities, located deep inside Norwegian mountains.

America’s Synaptics Buys Israeli Chipmaker DSP Group For $540 Million
The Israeli chipmaker DSP Group was acquired in August by American software company Synaptics Inc. for $540 million. The deal, which was unanimously approved by the boards of directors of both companies, will see Synaptics buy DSP Group, stock at $22.00 per share in an all-cash transaction. But some are crying foul, saying that the purchase price is unfair to DSP shareholders.

DSP Group Inc. produces wireless chipsets for a wide range of smart-enabled devices. The company was founded in 1987 and offers next-generation solutions in the areas of voice, audio, video and data connectivity. The boasts that its tech allows customers to develop products that enhance the end-user experience.

ZOLL Medical Buys Itamar Medical For $538 Million
In September, Israeli medtech company Itamar Medical was sold to ZOLL Medical, an Asahi Kasei company that manufactures medical devices and related software solutions, for $538 million. The deal is subject to final approval by Itamar’s shareholders.

Under the terms of the agreement, which has been unanimously approved by the boards of directors of ZOLL Medical and Itamar, ZOLL Medical will acquire all outstanding ordinary shares of Itamar Medical for $31 per American Depository Share (ADS), or $1.03 per ordinary share, in cash.

Medtech is basically any new technology that has to do with medical issues. Itamar Medical is focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. The company pioneered the WatchPAT Home Sleep Apnea Device, an innovative sleep apnea diagnosis program for patients and healthcare professionals.

America’s Bioventus Buys Out Israel’s CartiHeal For $500 Million

In August, Bioventus, an American orthologics company, exercised an option that it held to acquire Israeli medical device company CartiHeal. The price is $500 million with $360 million being paid out in front in cash.

Pursuant to its Option and Equity Purchase Agreement with CartiHeal Ltd., Bioventus made a $50 million escrow payment, sort of a deposit that ensures the company’s intention to go forward with the acquisition.

In recent years Israel has become known as the startup state or Startup Nation. The country has had multi-billion dollar exits for numerous software and security companies. But Startup Nations is also known for its medtech startups. Israel has always been a center for medical research and innovation. Now put that together with its startup culture and you have medtech nation.



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