LONDON (ShareCast) - (ShareCast News) - Networking and medical laboratory real-time technology supplier BATM Advanced Communications announced on Monday that it has entered into an agreement to purchase the entire issued share capital of Zer Laboratories for a consideration of ILS 2.75m payable in cash.
The London-listed firm said Zer Laboratories, headquartered in Tel Aviv and established in 1976, is the largest private diagnostic laboratory in Israel for clinical tests, mainly providing prenatal screening tests for Down's syndrome, genetic tests and additional tests performed during IVF and fertility treatments.

Zer's unaudited revenues for full year 2015 amounted to $2.4m and profit before tax was $27,000.

The acquisition is expected to be earnings accretive in the financial year ending 31 December 2017, BATM claimed.

Its board said the acquisition was in line with its stated strategy of becoming a prominent participant in the diagnostics markets in which it operates.

"We are pleased to have acquired Zer Laboratories and welcome them to the group," said chief executive Zvi Marom.

"They enjoy an excellent reputation in Israel and provide much-needed tests and services to pregnant women."

Dr Marom said the BATM board looked forward to building on the success and established footprint of Zer Laboratories, on the synergies with its operations in Romania, on its investment in BATM's genetics subsidiary Toldot, and on new developments from Adaltis.

"[That will] widen the number of DNA-based tests that we can offer for the benefit of more women in our current geographies and beyond, and deepen our involvement in molecular-biology-based testing."

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