• Acquisition expands GE Healthcare’s $3 billion Ultrasound business from diagnostics into surgical and therapeutic interventions
• Adds capability in fast-growing advanced surgical visualization segment, and significant synergies expected to further strengthen BK Medical’s world-renowned business.
BOSTON – December 21, 2021 – GE (NYSE:GE) today announced that it has completed its previously announced acquisition of BK Medical, a leader in advanced surgical visualization, from Altaris Capital Partners, LLC. The companies entered into a definitive agreement for GE to purchase BK Medical for a cash purchase price of $1.45 billion on September 22, 2021.
With this acquisition, GE Healthcare adds the fast-growing and relatively new field of real-time surgical visualization to GE’s pre- and post-operative Ultrasound capabilities, creating an end-to-end offering through the full continuum of care— from diagnosis through therapy and beyond. Through significant synergies with the benefit of GE’s technology and commercial scale, BK Medical will be able to reach new customers and markets around the world.
Under the leadership of current CEO Brooks West, BK Medical will join GE, reporting into Roland Rott, President & CEO of GE Healthcare Ultrasound, and will continue to best serve its customers in the intraoperative ultrasound space in the US, Europe and beyond.
Roland Rott, President and CEO of GE Healthcare Ultrasound said “We are thrilled to bring our extraordinary teams together, learn from each other and continue to build on our deep, shared expertise as we grow our portfolio that our customers turn to and trust. Now together as one family we are looking forward to an even brighter future.”
Brooks West, President and CEO of BK Medical, commented: “We have been on a journey to change the standard of care for surgery by making it possible for surgeons to make critical decisions in the operating room using real-time advanced visualization, allowing for better care, faster surgeries and reduced complications. Together with GE this journey will continue, and we can look forward to making a greater impact in healthcare around the world.”
GE Healthcare has a long history of ultrasound innovation and a successful track record of growing technology acquisitions. In 1998, GE acquired Diasonics Vingmed Ultrasound Ltd, expanding into the cardiovascular ultrasound segment of the market, and in 2001, acquired Austrian women’s health ultrasound pioneer Kretztechnik.
About GE
GE (NYSE:GE) rises to the challenge of building a world that works. For more than 125 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfil GE’s mission and deliver for its customers. www.ge.com
About GE Healthcare:
GE Healthcare is the $17 billion* healthcare business of GE (NYSE: GE). As a leading global medical technology, pharmaceutical diagnostics and digital solutions innovator, GE Healthcare enables clinicians to make faster, more informed decisions through intelligent devices, data analytics, applications and services, supported by its Edison intelligence platform. With over 100 years of healthcare industry experience and around 47,000 employees globally, the company operates at the center of an ecosystem working toward precision health, digitizing healthcare, helping drive productivity and improve outcomes for patients, providers, health systems and researchers around the world. For more information, please visit www.gehealthcare.com.
*Excluding BioPharma.
About BK Medical:
Headquartered in Boston and Copenhagen, BK Medical is a global intraoperative imaging and surgical navigation company. Through advanced ultrasound technology and sophisticated software, BK Medical enables surgeons to make real-time, data-based decisions during surgical procedures, resulting in better clinical outcomes and reduced costs for patients, physicians, and the healthcare system. BK Medical has a global installed base of more than 14,000 advanced imaging platforms and its proprietary technology is protected with more than 136 patent families. For more information, please visit www.bkmedical.com.
About Altaris:
Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Altaris’ operating companies are addressing some of the most complex problems in the healthcare industry, with the ultimate goal of improving access and outcomes for patients. Since inception in 2003, Altaris has invested in more than 45 healthcare companies that have contributed to advancements in the industry and generated significant value appreciation for investors. Altaris is headquartered in New York City and manages $6.0 billion of equity capital. For more information, please visit www.altariscap.com.