Original Source: FD (FAIR DISCLOSURE) WIRE
OPERATOR: Good day and welcome to Mindray Medical International Limited investor conference call. Please note that today's call is being recorded. At this time I would like to turn the call over to Miss May Li. Please go ahead Miss Li.
MAY LI, MANAGER IR, MINDRAY MEDICAL INTL LTD: Good morning or good evening everyone and thank you for joining today's call. This is May Li, Mindray's Manager of Investor Relations. As you know, Mindray today announced the acquisition of Datascope's patient monitoring business for $202 million in cash. Today we have Mr. Xu Hang our co-CEO and Chairman as well as Joyce Hsu, our CFO, on the call to walk you through the transaction and to answer your questions.
Also during the Q&A Mr. Li Xiting our co-CEO and President and Minghe Cheng, Executive Vice President of strategic development will be available to add additional color. Our team today are joining the call from two locations with Mr. Xu, Mr. Cheng and myself in New York and Mr. Li and Joyce in Xingcheng.
We hope that you had a chance to read the press release issued earlier today. Also in the event calendar session of our investor relations website there is a PowerPoint presentation available for download, that management will be referring to during the prepared remarks.
Before turning the call over to Mr. Xu please refer to our disclaimer on slide one of the presentation. No doubt the discussion today will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties, as such our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in our public filings with the SEC. Mindray does not undertake any obligation to update any forward-looking statement except as required under applicable law. Now I will turn the call over to Mr. Xu.
XU HANG, CO-CEO & CHAIRMAN, MINDRAY MEDICAL INTL LTD: Hello, thank you for joining us today. We are very excited to announce this agreement for Mindray to acquire Datascope's Patient Monitor business. In many ways this landmark deal allowing us to overnight dramatically expand our on the ground presence in the US and Europe by combining China's leading R&D and production platform for medical device and the Datascope established US based direct sales and service network.
We are building a powerful platform for Mindray's international expansion in the United States and Europe and the creating the third largest player in patient monitor device worldwide. With the many opportunities for synergies and cross selling we are confident that this deal will create excellent value for our shareholders, the customers of both companies and the patients who will ultimately benefit from great access to the highest quality, most affordable medical device anywhere.
By way of background, since founding Mindray in 1991 our vision for this company has been to create a leading provider of high quality medical devices to markets worldwide. In the past few years we've hit many milestones towards realizing this, including our IPO on New York stock exchange in 2006, our international revenues surpassing domestic China revenue in 2007, and the establishment of our eleventh international office just last quarter. And with today's announcement we are entering an exciting new stage of our development as a global medical device player.
Now our CFO, Joyce Hsu, will take you through some of the specifics of the deals. Joyce?
JOYCE HSU, CFO, MINDRAY MEDICAL INTL LTD: Thank you Mr. Xu and welcome everyone on the call. We're very excited about this transaction and the complementary value that each side is bringing together post closing. We have on the events calendar section of our investor relations website a downloadable presentation which we will use to walk you through some of the highlights and specifics of this deal and then we will be opening up the call for questions.
If you're able to view the presentation that's available on our website, please turn first to page two, transaction overview. We have signed a definitive agreement for a total consideration of $240 million in both cash consideration and retained account receivables for Datascope's Patient Monitoring business. This consideration includes Datascope's manufacturing facility in Mahwah, New Jersey, its Netherlands warehouse facility, the Global Technology Services business associated with Patient Monitoring business, as well as the portfolio of intellectual properties.
If you turn to page three, transaction highlights, we feel that this transaction brings significant benefits to Mindray in five key areas.
One, global scale, by acquitting …