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Medtronic acquires Heartware International for $1.1 billion
Medtech company Medtronic, and HeartWare International, a developer and manufacturer of implantable heart pumps, have entered into an agreement under which Medtronic will acquire HeartWare.
The transaction is valued at approximately USD 1.1 billion. Under the terms of the agreement, Medtronic will commence a tender offer for all outstanding shares of HeartWare common stock for $58.00 per share, in cash. The acquisition is expected to close during Medtronic's second fiscal quarter ending Oct. 28, 2016. Medtronic's acquisition of HeartWare will expand Medtronic's portfolio of diagnostic tools, therapies and services for patients suffering from heart failure. “The addition of HeartWare's innovative portfolio adds to our expanding portfolio of diagnostics, therapeutics and services that address heart failure patients," said Mike Coyle, executive vice president and president of the Cardiac and Vascular Group at Medtronic. "The team at HeartWare has established excellent relationships with its hospital customers and built a strong position and reputation in the marketplace. This transaction, once closed, will be a further, important step toward Medtronic offering a complete suite of solutions to address patient needs across the heart failure care continuum."