Syneron Medical Announces Merger with Candela Corporation

Syneron Medical Ltd., which manufactures elos combined-energy medical aesthetic devices, and Candela Corp., which develops medical and aesthetic laser based technologies and systems, announced on Jan. 5, the successful closing of their merger. According to a company release, the closing of the merger followed a special meeting where Candela shareholders voted in favor of the proposed merger agreement. As previously announced in September 2009, the merger received unanimous approval by the Boards of Directors of both companies. Under the terms of the merger agreement, Candela shareholders will receive 0.2911 ordinary shares of Syneron for each share of Candela common stock they own. Syneron will issue approximately 6.7 million shares to acquire Candela. Upon completion of the transaction, Syneron shareholders will own approximately 80% of the combined company and Candela shareholders will own approximately 20%. Syneron will maintain its corporate headquarters in Israel and North American office in Irvine, CA. Candela will continue to operate as a wholly-owned subsidiary of Syneron and maintain its offices in Wayland, MA, as well as subsidiary operations in Australia, France, Germany, Italy, Japan, Portugal, Spain and the United Kingdom. Candela has applied to delist its shares from NASDAQ. Effective immediately, Candela will cease trading as an independent entity and will be traded as part of Syneron under the NASDAQ symbol ELOS. Lou Scafuri, Chief Executive Officer of Syneron, commented in the press release, “We are very pleased to successfully complete the merger with Candela, representing the execution of our strategy to expand our product portfolio with synergistic and innovative technologies. The combination of Candela and Syneron creates the largest aesthetic medical device company, with an unparalleled global distribution footprint and a balanced mix of core and non-core physician customers that vastly enhances our competitive position. We believe there is tremendous opportunity to drive long-term growth and market leadership over the next several years.” Mr. Scafuri continued, “We are fortunate to have Gerard E. Puorro, Chief Executive Officer of Candela join our Board of Directors and to have other key executives from Candela join our management team as we collaboratively work to position Syneron as the global leader in the aesthetic device sector.” For more information, www.syneron.com.