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KARL STORZ to take Asensus Surgical Private in an All-Cash Deal of about $93.45 Million

  • June 7, 2024

KARL STORZ - Asensus Surgical Merger

Digital surgery provider Asensus Surgical, Inc. (ASXC) entered into a definitive merger agreement on June 7, 2024, with KARL STORZ Endoscopy-America, Inc., for about $93.45 million in cash.

Deal Structure:

Under the terms of the agreement, KARL STORZ, a wholly owned direct subsidiary of German medical device company KARL STORZ SE, will acquire all of the outstanding shares of Asensus Surgical for $0.35 per share in cash, representing a premium of 52.17% from the stock’s last close.

Company Profile:

Asensus Surgical is a medical device company digitizing surgery through robotics to improve minimally invasive procedures and establish a new standard of care, developing the LUNA Surgical System with an Intelligent Surgical Unit for enhanced control and reduced variability.

KARL STORZ is an international leader in endoscopy, founded in 1945 in Tuttlingen, Germany, with operations in over 40 countries, offering 13,000 products for human and veterinary medicine.

Deal Details and Timeline:

The German medical device company had signed a non-binding letter of intent with Asensus in April, which included a ten-week exclusivity period during which Asensus was not to engage in negotiations for alternative transactions.

Asensus Surgical’s current EV/Sales (TTM) ratio is 7.04, above the sector median of 3.79.

The transaction is expected to enhance KARL STORZ’s portfolio and market presence, strengthening KARL STORZ’s position in the growing robotic surgical market, particularly with the development of the next-generation LUNA system.

The transaction is anticipated to close during the third quarter of 2024, after which Asensus Surgical will become a subsidiary of KARL STORZ Endoscopy-America and will no longer be publicly listed or traded on the NYSE American Exchange.

Deal Metrics:

To delve into more specific details of the above M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Asensus Surgical, Inc. (ASXC) by KARL STORZ Endoscopy-America, Inc.

The Deal Metrics page for each merger or acquisition includes:

  • A spread history chart of the merger from announcement through eventual completion or failure.
  • Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
  • News and SEC filings.
  • A history of deal updates.
  • And a whole lot more.

Disclaimer: This article is meant to inform and should not be used as a basis for investment decisions. Please conduct thorough personal research before trading any securities mentioned herein. We do not guarantee the comprehensive accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article