US-based medical technology company BioTelemetry has entered a definitive transaction agreement to purchase Switzerland-based healthcare technology firm LifeWatch for around CHF260m ($258m).

Under the agreement, BioTelemetry will initiate a tender offer in Switzerland to buy all of the outstanding shares of LifeWatch.

The portfolio of LifeWatch's remote cardiac monitoring systems is expected to complement BioTelemetry's cardiac monitoring solutions platform.

BioTelemetry president and chief executive officer Joseph Capper said: “We believe the combination of the two most innovative remote cardiac monitoring companies creates a unique opportunity to build an immensely successful connected health platform, capable of delivering highly sought-after life-saving and cost-reduction solutions.

"We envision this combination will allow our employees further opportunities to expand the business and leverage each other's strengths. This union is a positive development for patients, payors, providers and stakeholders.

"If the tender offer is successful, this transaction is expected to yield considerable efficiencies, creating tremendous shareholder value.”

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"We envision this combination will allow our employees further opportunities to expand the business and leverage each other’s strengths."

It is estimated that upon closing, the significant synergies from the transaction will be realised over a period of 12-18 months.

The firms intend to engage their individual strengths via integration and smooth transition.

LifeWatch chief executive officer Dr Stephan Rietiker said: “We firmly believe that BioTelemetry is the best partner to maximise the future potential of LifeWatch."

Subject to customary conditions and regulatory approvals, the transaction is expected to be completed in the third quarter of this year.