LANNION, France--(BUSINESS WIRE)--Regulatory News:
The LUMIBIRD Group (Paris:LBIRD), the European leader for laser technologies, has passed a new milestone with its proposed acquisition of Ellex’s laser and ultrasound business after it was approved by Ellex’s shareholders during its general meeting on April 24. The effect of the proposed acquisition in Australia is currently being assessed by the Australian competition authority. Lumibird is still targeting mid-2020 for the completion of the transaction.
Thanks to the commitment shown by both groups, Lumibird and Ellex have made progress with a view to completing the acquisition mid-2020. More specifically, Ellex’s shareholders approved the transaction during a general meeting on April 24, 2020.
As part of the procedure with the Australian Competition and Consumer Commission (ACCC), the ACCC has indicated that it will now undertake a formal market inquiry with respect to the likely effect of the acquisition on the Australian market. The ACCC’s decision is expected in late June 2020.
The Australian market for Ellex’s laser and ultrasound business represents around A$9.7m (equivalent to approximately €5.6m) for the year ended June 30, 2019, representing around 15% of total revenues for Ellex’s laser and ultrasound division. Lumibird’s Medical division recorded around €0.2m of revenues in Australia in 2019, representing around 0.6% of total revenues for the Lumibird Group’s Medical division.
Ellex and Lumibird are cooperating fully with the ACCC in connection with this process and remain confident of obtaining ACCC clearance. Lumibird will provide an update to the market regarding the status of this condition.
Lumibird has not identified any authorizations required from competition authorities outside Australia, particularly in the United States, Japan and Europe, which are the core markets of the two groups combined.
Lumibird still aims to complete the transaction mid-2020.
LUMIBIRD is one of the world's leading specialists in lasers. With 50 years of experience and a mastering of solid state laser, laser diodes and fiber laser technologies, the Group designs, manufactures and markets high performance lasers for scientific (laboratories and universities), industrial (manufacturing, defense, Lidar sensors) and medical (ophthalmology) markets.
Born from the combination of Keopsys Group with Quantel in October 2017, LUMIBIRD has more than 500 employees and over €110 million of revenues in 2019 and is present in Europe, America and Asia.
LUMIBIRD shares are listed on the Euronext Paris B Compartment. FR0000038242 – LBIRD www.lumibird.com