Medtronic snaps up rival for €1bn
Medtronic, the world's biggest maker of heart-rhythm devices, agreed to buy HeartWare International for about $1.1bn (€1bn), paying a premium of 93pc to gain less-invasive technology for treating advanced heart-failure patients.
Medtronic will pay $58 a share, almost double HeartWare's Friday closing price of $29.98, according to a statement yesterday.
The boards of both companies have unanimously approved the transaction, which is expected to close during Medtronic's second fiscal quarter ending October 28.
HeartWare's miniaturised ventricular assist devices, designed to reduce surgical invasiveness, will expand Medtronic's offerings of diagnostic tools, therapies and services for patients.
The deal is Medtronic's biggest since its $46bn purchase of Dublin-based Covidien in January 2015, a transaction that gave it an Irish legal address through a so-called inversion. (Bloomberg)