PhotoMedex to buy laser vision correction company

Thu Feb 13, 2014 4:39pm EST

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(Reuters) - Skin health company PhotoMedex Inc (PHMD.O) said it would buy LCA-Vision Inc LCAV.O, which provides laser vision correction services under the Lasik Plus brand, for about $106 million.

The $5.37 per share offer represents a premium of 26.3 percent to the stock's Thursday closing price of $4.25.

LCA-Vision's operations are expected to add to PhotoMedex's cash earnings per share in 2014, the company said.

PhotoMedex said it would fund the deal through a new $85 million senior secured credit facility and existing cash balance.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Don Sebastian)

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