January 21, 2022

Beyond Going Long

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General Motors announced the largest acquisition since the new director took office

General Motors announced the largest acquisition since the new director took office

U.S. General Electric on Thursday announced an agreement to acquire BK Medical, the leader in advanced surgical visualization, from Altaris Capital Partners for $1.45 billion in cash. The objective of the transaction is to enhance business in the field of healthcare imaging technology.

It also indicates a departure from the company’s current strategy of improving the balance sheet. This is General Electric’s largest acquisition under the leadership of CEO Larry Kolb, who since taking office in 2018 has primarily focused on paying down debt.

BK Medical is an innovator in global intraoperative imaging and surgical navigation, used to guide physicians during minimally invasive and robotic surgeries, and for deep tissue visualization during neuroabdominal and urological ultrasound.

Headquartered in Boston and Copenhagen, BK Medical has more than 650 employees and double-digit revenue growth. After a $30 billion deal in March to merge General Jet’s aircraft leasing division with Ireland’s AerCap, the Boston-based group will do more to grow its business, Kolb said.

According to General Electric, the acquisition will help the group’s ultrasound division expand through surgery and treatment. The company expects a single-digit return on its investment in BK Medical by the fifth year and expects the transaction to be completed in 2022, subject to review by the relevant regulatory authorities.

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