Apax close to $500 million deal to buy Israel's Syneron - reports

JERUSALEM (Reuters) - British private equity fund Apax Partners [APAX.UL] is close to finalising a deal to buy Israel-based Syneron Medical ELOS.O, an aesthetic device company, for about $500 million (£399 million), Israeli media reported on Sunday.

One of the reports, carried by financial newspaper Calcalist, said the deal could close as early as this week and that Apax would pay a 37 percent premium. Syneron has a market capitalisation of $366 million.

A spokesman for Apax in Israel would not comment on the report, and officials at Syneron were not reachable for comment.

Syneron says its products have a range of applications, like body contouring, hair removal and wrinkle reduction. The products are sold under two brands, Syneron and Candela.

The two companies were reported in February to have entered negotiations.

Reporting by Ari Rabinovitch