California firm acquiring Sound Surgical
Last Updated: 15:34 February 1, 2013
Solta Medical Inc. (Nasdaq: SLTM), which also makes equipment for the "medical aesthetics" market, will acquire SST for $25.5 million in Solta common stock and $5 million in cash, according to a release from the companies. The deal is expected to close before the end of the first quarter.
Sound Surgical Technologies makes ultrasonic body contouring systems, which doctors use to remove fat from patients, according to its website. It was founded in Louisville in 1998. It made $23 million in revenue in 2012, according to the release.
Solta Medical is based in Hayward, California. Along with the payment due at closing, Solta could pay Sound Surgical shareholders up to $9.5 million depending on the revenue SST products generate in 2013.
The release did not say if Sound Surgical Technologies would be relocated or renamed. Calls to the company were not returned.
More breaking news...
City staff recommends demolishing events center
A report released this week by real estate website Zillow.
Bonds for Longmont's broadband project on sale
Chrismans will give $10 million to CU law school