SAN DIEGO, May 5 /PRNewswire-FirstCall/ -- ResMed Inc today announced that it has entered into a definitive agreement to acquire Saime SA, a leading developer and distributor of ventilation products in France and Germany. ResMed has agreed to acquire Financiere ACE SAS, the holding company for Saime SA and its affiliates, for an enterprise value of approximately 86 million Euro, consisting of approximately 40 million Euro in equity and approximately 46 million Euro in net debt. ResMed expects to finance the acquisition with a combination of existing cash reserves and debt. ResMed expects the acquisition will close in May 2005, with an insignificant impact on earnings for fiscal year 2005.
"The acquisition of Saime will complete our line of homecare ventilation products and immediately expand our market presence and distribution network in Europe and other regions," stated Peter C. Farrell, PhD, ResMed's Chairman and Chief Executive Officer. "The VS and Elisee range of products are sophisticated, yet easy to use for physicians, clinicians, and patients. We believe these devices will complement our VPAP III and AutoSet CS devices and will allow us to provide the full range of options for patients who need ventilatory assistance."
"We are proud of Saime's history of revenue and profit growth and of our commitment to developing high-quality, differentiated products," said Antoine Heral, Chief Executive Officer of Saime. "ResMed's strength and reputation as a quality leader with worldwide distribution and innovative technologies make them an excellent match for Saime."
ResMed and Saime have had a long-standing relationship since 1996, when ResMed bought its original French sleep therapy distribution assets from the Saime group. Since its formation in 1987, Saime has developed a complete range of ventilators for use in the home and hospital markets. With annual revenues of approximately 28 million Euro, the company distributes its products directly in France and Germany and through a network of distributors in Europe and Asia-Pacific. Today, Saime develops, manufactures, and markets products from its headquarters near Paris, with a staff of approximately 100.
ResMed is a leading manufacturer of medical equipment for the treatment and management of sleep-disordered breathing and other respiratory disorders. We are dedicated to developing innovative products to improve the lives of those who suffer from these conditions and to increasing awareness among patients and healthcare professionals of the potentially serious health consequences of untreated sleep-disordered breathing. For more information on ResMed, visit http://www.resmed.com/.
Statements contained in this release that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the completion of the transaction, impact on earnings, benefits the products and technologies will provide, and the integration of the product line and operations, are subject to risks and uncertainties, which could cause actual results to materially differ from those projected or implied in the forward-looking statements. Those risks and uncertainties are discussed in the Company's Annual Report on Form 10-K for its most recent fiscal year and in other reports the Company files with the US Securities & Exchange Commission. Those reports are available on the Company's website.