Moog Inc has announced that it has entered into a definitive agreement to acquire ZEVEX International, Inc for $13.00 in cash per share of ZEVEX common stock.
The agreement also provides that each holder of options for ZEVEX common stock will receive an amount equal to the difference between $13.00 and the exercise price of the option. At closing, the total cash consideration by Moog is expected to total $83.8 million. Moog will use its existing revolving credit facility to finance the transaction.
ZEVEX, founded in 1986, distributes a complete line of portable pumps, stationary pumps, and disposable sets that are used in the delivery of enteral nutrition for hospital, nursing home, and patient home use. These are marketed under the brand names EnteraLite(R) and EnteraLite Infinity(R). The Company also produces ultrasonic sensors, optical sensors, ultrasonic surgical handpieces, nutrition infusion, and organ perfusion for organ transport.
ZEVEX employs 178 people in Salt Lake City, Utah and maintains a direct sales force across the United States. Distribution relationships with domestic and international partners are expected to continue.