Wireless-medical-device company CardioNet will acquire Biotel, a medical device and software manufacturer, for $11 million, according to a CardioNet news release.
Under the cash deal, which is expected to close by Dec. 31, the companies entered into a settlement agreement to dismiss outstanding litigation, effective once the deal is final, according to the release. Conshohocken, Pa.-based CardioNet will acquire outstanding Biotel shares for $3.48 per share, before adjustments for working capital. The deal is subject to approval by Biotel shareholders and customary closing conditions. Biotel, based in Eagan, Minn., develops and manufactures cardiology devices.