Israeli medical-device pioneer Lumenis will be acquired by Hong Kong-based Baring Private Equity Asia (BPEA). The transaction values Lumenis at an enterprise value of over $1 billion; the deal has been reported worth $1.2 billion.

If it passes the customary regulatory approval process, this will be one of the 15 biggest acquisitions in Israeli history.

Founded in 1966, Lumenis is a global leader in minimally invasive medical devices for the aesthetic, surgical and ophthalmology specialties using energy technologies including laser, intense pulsed light (IPL) and radio frequency (RF).

Headquartered in Yokne’am with offices in more than 100 countries, and close to 1,500 employees, Lumenis was acquired for $510 million by the London-based XIO Group investment firm in 2015. The Asia Pacific region is its largest market.

“In recent years, we have developed and introduced multiple groundbreaking technological solutions that have redefined our industry and opened entirely new market segments,” said Tzipi Ozer-Armon, CEO of Lumenis.

“We look forward to partnering with the team at BPEA to continue developing and delivering to the world better technology for better patient care,” she said.

The transaction is expected to be completed in early 2020.