Zoll Medical is making an acquisition that would further strengthen its position in the home sleep apnea market. The Chelmsford, MA-based company said it is acquiring all outstanding ordinary shares of Itamar Medical for about $538 million.

The acquisition is set to close by the end of 2021.

Caeserea, Israel-based Itamar has developed the WatchPAT Home Sleep Apnea Device, an innovative sleep apnea diagnosis program for patients and healthcare professionals. The WatchPAT device has FDA clearance.

Once the acquisition is completed, it is expected that Itamar Medical’s principal operations will continue at its current location in Caesarea, Israel, including its R&D and Digital Health Technology centers, as well as the production center.

“Zoll Medical is committed to improving outcomes for underserved patients suffering from serious cardiopulmonary conditions,” said Jon Rennert, CEO of Zoll Medical. “It is currently estimated that 60% of cardiovascular patients suffer from some form of sleep apnea, and the majority of these patients go undiagnosed.2 The combination of Zoll Medical and Itamar Medical will help more patients receive diagnosis and treatment for sleep-disordered breathing. We look forward to helping strengthen the collaboration between the worlds of cardiology and sleep medicine.”

Earlier this year, Zoll acquired Respicardia, a provider of novel implantable neurostimulators for the treatment of moderate to severe CSA. Zoll had been an investor in Respicardia for more than three years.

Zoll went on a bit of an M&A streak about two years ago. The company acquired Cardiac Science; the assets of Mobilize RRS, and TherOx.