Medical laser developer

ESC Medical Systems

(Nasdaq:ESCM) is to acquire the laser division of American-based Coherent (Nasdaq:CPHR) for $120 million, reports

Ma'ariv

.

The companies have not yet publicly announced the deal, which is reportedly to be done in cash and shares.

Israel's former central bank governor, Jacob A. Frenkel, serves as ESC's chairman. He is reportedly playing a central role in the deal.