After a four-year partnership, XIO Group has finally sold Lumenis. CVC Capital Partners and FountainVest Partners came incredibly close to purchasing the medical device firm late last year for an estimated $950 million, according to reports in Calcalist, but the deal was never finalized. Fast forward to the present day, and Baring Private Equity Asia (BPEA) has emerged as the buyer, spending $1 billion for the Israeli firm. Lumenis provides specialty minimally invasive medical devices in the fields of aesthetics, urology, ophthalmology, ENT, and gynecology. The company has a presence in more than 100 countries.

XIO Group acquired Lumenis in 2015 for $510 million, or $14 a share, when the company still traded on the NASDAQ exchange. Lumenis has more than 1,500 employees across its global operations. BPEA is betting the company’s strong market presence in Asia will prove to be valuable.

This is the second-largest medical device deal of the fourth quarter. The top honor goes to Stryker Corporation‘s (NYSE: SYK) acquisition of Wright Medical Group N.V. (NASDAQ: WMGI) for $5.4 billion, which we reported in our weekly newsletter here.

The deal between Lumenis and BPEA is expected to close in early 2020.