Smith Square Partners is advising LiDCO Group Plc in relation to a recommended cash offer from Masimo Corporation

LiDCO develops, manufactures and sells advanced hemodynamic monitoring devices primarily for critical care and high risk surgical patients. LiDCO’s primary markets are the United Kingdom, the US and certain markets in continental Europe, China and Japan.

Smith Square Partners acting as Rule 3 adviser to LiDCO Group Plc (AIM:LID, “LiDCO”) is pleased to report the announcement in relation to its client of a Recommended Cash Offer from Masimo Corporation (NASDAQ: MASI, “Masimo”). The Offer price of 12 pence per LiDCO Share values the total issued share capital of LiDCO at approximately £31.1 million on a fully diluted basis. This equates to an enterprise value of approximately £27.6 million or 2.7 times LiDCO’s revenue for the twelve months ended 31 July 2020 and approximately 3.7 times LiDCO’s revenue for the last full financial year ended 31 January 2020. The transaction will enable LiDCO’s technologies to compete with those of much larger global peers and to gain further market share in the US and other international markets. Moreover, the integration of LiDCO’s continuous cardiac output (“CCO”) technology into Masimo’s portfolio will provide hospitals with integrated monitoring solutions in a single device and allow greater market penetration through Masimo’s distribution channels.

Smith Square Partners

Advised in the sale of

LiDCO Group Plc


Masimo Corporation


MidCap Alliance