Brief: PhotoMedex to sell consumer and professional businesses to DS Healthcare Group

Gadsden Properties

22/02/2016 14:30

Feb 22 (Reuters) - PhotoMedex Inc  PHMD.O : 
 * To sell consumer and professional businesses to DS Healthcare Group 
 * Says deal valued at about $48 million 
 * Says total consideration over three years includes convertible preferred 
   stock, common stock and a note 
 * Says consideration over three years includes convertible preferred stock, 
   common stock and a note 
 * Says under the terms of the agreement, DS Healthcare will issue $20 million 
   convertible series a preferred stock 
 * Says the boards of directors of PhotoMedex and DS Healthcare have approved 
   the transaction 
 * Says boards of directors of PhotoMedex and DS Healthcare have approved the 
   transaction 
 * DS Healthcare will issue note in the amount of $4.5 million in consideration 
   of the radiancy consumer products business 
 * PhotoMedex shareholders will own about 43% of company and DS Healthcare 
   shareholders will own about 57%, each on an "as converted" basis 
 * Proposed transaction is structured in two reverse triangular mergers 
 * Says after conversion of the deemed PhotoMedex common stock equivalents, 
   PhotoMedex shareholders will own approximately 43% 
 
 * Source text for Eikon  urn:newsml:reuters.com:*:nBw15BfJfa 
 * Further company coverage  PHMD.O  ((Bengaluru Newsroom; +1 646 223 8780))