Observe Medical ASA – Closing of the transaction to acquire Sylak AB completed.
Observe Medical ASA, October 30, 2020:
On October 29, 2020, Observe Medical announced the signing of the final agreement to acquire Sylak AB, a distributor of ICU/anaesthesia products in the Swedish market, for an enterprise value of SEK 6 million (on a cash and debt free basis).
All conditions in the agreement is met, and the transaction closed on October 30, 2020.
“We are happy to finally conclude this important transaction for Observe Medical and to be welcoming the Sylak team. They will be important in accelerating the Nordic go-to-market strategy for Observe Medical’s main product Sippi®. At the same time, we have high ambitions for the continued development of the Sylak portfolio success,” CEO of Observe Medical Björn Larsson says.
Sylak had total revenues of SEK 13.4 million in 2019. Customers include several of the largest hospitals in Sweden. Following completion of the transaction, the Company plans to enter Norway and the rest of the Nordics with the combined Sylak and Observe Medical portfolio. The transaction is financed through existing cash.
For further information, please refer to the stock exchange announcements from Observe Medical October 16 and October 29, 2020.
Björn Larsson, CEO of Observe Medical
Mobile: +46 76 620 17 25
About Observe Medical
Observe Medical develops and markets innovative hospital products that contribute to increased patient safety and a more efficient care system. The company’s headquarter is in Oslo and its operations are based out of Sweden. Observe Medical's initial product Sippi®, is the only automated digital urine meter with wireless data transfer to hospital patient data management systems, and hinders bacterial migration that can lead to urinary infections (Sippcoat®). Sippi® is CE marked and is currently being launched at selected hospitals in Europe.