China-based medical devices developer Mindray Medical International has completed the acquisition of Zonare Medical Systems, a US-based ultrasound technology provider, for $101.7m as part of its strategy to boost its presence in the ultrasound market, particularly in the US.
Mindray entered into a definitive agreement to acquire Zonare on 12 June 2013.
The company then announced that it would fund the acquisition with existing cash and third-party borrowings, and expects the deal to be slightly dilutive to its full-year 2013 and 2014 earnings.
Mindray also added then that it would retain Zonare's brand and existing operations under its current management team, led by president and CEO Timothy Marcotte.
The Chinese firm currently expects the combined business will benefit from Zonare's R&D capability and direct sales and service network in the ultrasound market, along with its own engineering, extensive distribution channels and broad production platforms.
Mindray co-CEO Minghe Cheng said that the completion of this acquisition would further the company's goal of becoming a leading provider of imaging products worldwide.
"This transaction brings us superior technology that will ultimately accelerate the launch of our next-generation high-end ultrasound product," Cheng said.
"It also gives us immediate access to the high-end ultrasound market in the countries like US, Canada, Scandinavia and Germany."
Zonare, which provides high-end radiology products, has a strong presence in the US, Canada, Scandinavia and Germany, and posted revenues of approximately $64m in 2012.