February 28, 2022
Intricon Enters into Agreement to be Acquired by an Affiliate of Altaris Capital Partners for $241 Million
On February 28, Intricon Corporation announced that it had entered into a definitive agreement to be acquired by an affiliate of Altaris Capital Partners, an investment firm focused exclusively on the healthcare industry. Altaris proposes to acquire all outstanding shares of Intricon stock at a price of $24.25 per share, a 39% premium to Intricon’s closing price on February 25, 2022, which equates to a compelling equity valuation of approximately $241 million. The transaction will enable the company to accelerate its advancement plans as a joint development manufacturer (JDM) with deep capabilities in micromedical technology across a broad range of high-growth markets. The acquisition received unanimous approval by the Intricon Board of Directors.
Scott Longval, Intricon CEO, credits the Intricon team for establishing the company as a premier partner of choice for medical device companies that incorporate advanced technology from Intricon into their products. He adds that the transaction ushers in the next chapter of the company and that Altaris will help further Intricon’s mission: To work side-by-side with customers as their JDM in micromedical technology, supporting customer teams from the earliest stages of ideas through final production of medical devices.
The merger agreement is also subject to a “go shop” period whereby Intricon may solicit superior proposals from third parties for a period of 35 days continuing through April 3, 2022, and in certain cases for a period of 45 days continuing through April 13, 2022. Subject to shareholder approval, the transaction is expected to close in the second quarter of 2022, following customary regulatory approval. Upon completion of the acquisition by Altaris, Intricon will become a private company.