Tunstall Healthcare Group has agreed to acquire American Medical Alert Corp., which sells remote health monitoring services, for $8.55 a share, or approximately $83.9 million, according to an AMAC news release.
Tunstall to buy American Medical Alert Corp.
Shareholders of AMAC, based in Long Island City, N.Y., also will get a contingent payment right entitling them to a share of the proceeds of a potential sale of Lifecomm, a joint venture between AMAC, Qualcomm and Hughes Telematics. The joint venture is developing the next generation of AMAC's personal emergency response system. The company also provides healthcare-related call-center services. For the six months ended June 30, AMAC reported net income of $868,948 on revenue of nearly $21 million, according to its second-quarter earnings release.
Tunstall Healthcare Group was founded in the U.K. in 1957 and owns telehealth businesses in more than 30 countries, according to its website.
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