PerkinElmer, Inc. (NYSE: PKI) revealed that it has struck a deal with Oxford Immunotec Global Plc (NASDAQ: OXFD). As per the new deal, PerkinElmer has bought Oxford Immunotec Global for $591 million. As per the agreement, the shareholders of Oxford Immunotec will receive USD 22.00 in cash for each outstanding ordinary share.

It has been disclosed that the deal between both the firms will be finalized by way of a U.K. High Court of Justice-sanctioned scheme of arrangement under Part 26 of the U.K. Firms Act 2006 between OXFD and its shareholders.

After joining hands with Oxford Immunotec, PerkinElmer will be able to expand its sophisticated infectious disease testing solutions to incorporate tuberculosis detection to better serve customers around the globe. OXFD is the prominent provider of proprietary test kits for latent tuberculosis.  Tuberculosis has infected one-quarter of the population around the globe. PKI believed this acquisition will help the company to stop the spread of this disease by using the latest testing solutions of OXFD.

PerkinElmer, Inc. (NYSE: PKI) shares traded up 2.94% during the trading session of Wednesday. PKI has a trading volume of $1.49M as compared to the average volume of 943.55K. In the past 52-weeks of trading, this firm's share fluctuated from a low point around $62.91 and a high point around $152.52. Its shares traded up 148.56% and 2.52% from its 52-weeks low and 52-weeks high, respectively.

Turing our focus towards the acquisition, the terms of the deal signify a dividend of nearly 28.3% to the closing price per share of USD 17.15 on Jan 5, 2021. Additionally, the contractual terms and conditions signify a dividend of 99.2% to the enterprise value of the firm computed using the 90-day volume-weighted average price for the period from Oct 8, 2020, to Jan 5, 2021.

Both the firm’s boards of directors have endorsed the deal and it is anticipated that both firms will finalize the deal in the first half of 2021. The execution of the deal is based on the authorization of OXFD’s shareholders, court approval of the scheme, and other traditional conditions. After the execution of the deal, OXFD will no longer be listed on any stock market and will continue working as a private firm.