Revenio Group agreed on 13 April to acquire Visionix, a French maker of ophthalmic diagnostic equipment, at an enterprise value of €290m, in what it called its largest acquisition.
Why Revenio Group Oyj is buying Visionix (LT International SAS)
Revenio said the businesses have highly complementary products, software and customers, giving it a total addressable market about 2.5 times larger and faster entry into optical coherence tomography. It targets more than €20m of additional EBITDA by the end of 2029 and margins of 25% in 2028-29.
“Revenio joining forces with Visionix is a game changer in the global eye care market”
Deal terms and financing
Revenio bought the whole share capital of LT International SAS, paying sellers €250m, of which €55.7m was settled in 2,485,797 new shares at €22.40. The rest was funded from cash, a €130m amortising term loan, an €80m bridge-to-equity facility arranged by Nordea and a vendor loan. William Demant Invest, Revenio's largest shareholder, and the sellers, together holding about 30.9% after completion, committed to take up their share of a planned €80m rights issue.
Regulatory approvals and timing
The deal completed on 28 May 2026, and Visionix has been consolidated from that date. The rights issue to repay the bridge facility is targeted for the second half of 2026.
Market context
Revenio suspended its dividend and withdrew its 2026 guidance on announcing the deal, which takes it from a net cash position to leverage of about 4.4 times adjusted EBITDA. The combined group had illustrative 2025 sales of more than €250m and adjusted EBITDA of €48m.
