CardioNet, a wireless medical technology company with an initial focus on the diagnosis and monitoring of cardiac arrhythmias, has completed its previously announced acquisition of Biotel for $4.055 per share of Biotel common stock.
The aggregate purchase price is approximately $11.6m.
With the completion of the acquisition, Biotel and CardioNet have filed to dismiss the litigation between the two companies with the US District Court.
CardioNet president and CEO Joseph Capper said they are excited to complete the acquisition of Biotel and are looking forward to expanding their product offerings with Biotel’s wireless event monitor as well as diversifying their revenue with the addition of the manufacturing and clinical services businesses.
CardioNet is a provider of ambulatory, continuous, real-time outpatient management solutions for monitoring relevant and timely clinical information regarding an individual’s health.