Medtronic Adds Heart Devices in $1.1 Billion HeartWare Deal
- Premium of 93% compared with HeartWave closing price Friday
- Biggest acquisition since 2015 purchase of Dublin’s Covidien
A worker inspects a membrane that will be used in the production of human heart valve replacements at the Medtronic assembly plant in Tijuana, Mexico.
Photographer: David Maung/BloombergMedtronic 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.