Novanta Inc., a technology partner to medical and advanced technology equipment manufacturers, has announced it has acquired the remaining approximately 24 percent of Laser Quantum’s outstanding shares for a consideration of $45.7 million in cash and restricted stock.

Laser Quantum, based in Manchester, England, is a supplier to original equipment manufacturers (OEMs) of solid-state continuous wave lasers, femtosecond lasers, and optical light engines for the medical market.

As a result of increasing Novanta’s equity stake in Laser Quantum to 76 percent in January 2017, Laser Quantum has been consolidated in Novanta’s financial statements.

The acquisition of the remaining 24 percent of minority interests will be accounted for as a transaction among shareholders. Accordingly, this transaction is not expected to bring gains or losses in Novanta’s consolidated statement of operations.