23 Sep Milwaukee Business Journal: GE Healthcare makes $1.45B acquisition to extend its ultrasound business
GE Healthcare‘s ultrasound business, which has its leadership hub in metro Milwaukee, acquired a Boston-area firm for $1.45 billion that the company said would add a fast-growing area of surgical visualization to GE’s pre- and post-operation ultrasound capabilities.
The cash acquisition of BK Medical, of Peabody, Massachusetts, is expected to close in 2022, GE Healthcare said Thursday. BK Medical makes tools that assist surgeons during invasive and robotic operations.
BK Medical employs about 650 people full time, including at its dual headquarters in Peabody and in Copenhagen and at global subsidiaries. The company is generating “double-digit revenue growth,” but neither GE (NYSE: GE) nor BK Medical disclosed financial figures.
The seller of BK Medical is Altaris Capital Partners of New York City.
GE Healthcare, which is based in Chicago, said it derives about $3 billion of its annual revenue through the ultrasound business. The acquisition is expected to create new opportunities for GE Healthcare’s ultrasound business, including the team in metro Milwaukee.
BK Medical’s advanced surgical visualization technology helps clinicians see inside a patient’s body in real time during surgery, giving clinicians visual information to guide them during procedures and help them make critical decisions, GE Healthcare said. The acquisition will create “a compelling customer offering across the full continuum of care — from diagnosis through therapy and beyond,” GE Healthcare said.
GE Healthcare’s technology and commercial scale will enable BK Medical’s platform to reach new customers and new markets worldwide, GE Healthcare said.