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Medtronic plc announced that it has entered into a definitive merger agreement with Mazor Robotics. Medtronic will acquire all outstanding common shares of Mazor Robotics for $ 58.50 per US depository share, or $ 29.25 per common share, in cash, according to a press release.
In total, Medtronic will acquire Mazor Robotics for approximately $ 1.64 billion, or $ 1.34 billion net of Medtronic's existing ownership interest in Mazor and cash acquired. The transaction was approved by the board of directors of both companies. Medtronic intends to offer a fully integrated procedural solution for surgical planning, execution and confirmation by combining Medtronic's spinal implants, intraoperative imaging and navigation technology with robot-assisted surgery systems. Mazor.
"This is a historic day for spinal surgery and a milestone in the evolution of the market. I want to acknowledge and thank all those whose contribution and trust have been so important and critical to our success. " Ori Hadomi, CEO of Mazor Robotics, said in the release. "The full integration of the Mazor team and product portfolio into Medtronic will maximize our global impact through Medtronic's channels, advance the leading position of our systems on the market, and drive the realization of our vision of healing through 'innovation.
The acquisition is expected to close in the third quarter of Medtronic, which ends on January 25, 2019. This acquisition is subject to the approval of Mazor shareholders and their satisfaction with customary closing conditions, such as the receipt of regulatory approvals. . Medtronic expects that the acquisition will provide a double-digit, 4-year return on invested capital and will increase thereafter.
Reference:
www.medtronic.com
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