Medtronic Adds Heart Devices in $1.1 Billion HeartWare Deal

Monday, June 27, 2016

Source: Bloomberg

Medtronic Plc, the world’s biggest maker of heart-rhythm devices, agreed to buy HeartWare International Inc. for about $1.1 billion, paying a premium of 93 percent to gain an implanted device that takes over the pumping action for a failing heart.

Medtronic will pay $58 a share, according to a statement Monday, almost double HeartWare’s Friday closing price of $29.98. The offer trails HeartWare’s 12-month high of $90.71, reached in July. The company has faced setbacks in the development of its newest pump, and in January said it was abandoning an attempt to buy Valtech Cardio Ltd. -- a deal opposed by some investors.

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