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news.Medtronic and Restore Medical have signed a definitive agreement under which Medtronic will pay $1.60 per share in cash for each share of Restore Medical stock.
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The total value of the transaction, including payment of Restore Medical debt will be approximately $29 million. The transaction, which is anticipated to close within 90 days, is expected to be accretive to Medtronic earnings in the first full fiscal year after closing. The transaction is subject to customary closing conditions, including approval by Restore Medical shareholders.
Bob Blankemeyer, president of the ENT business at Medtronic, said: “This acquisition will help deliver new growth for our ENT business by providing Medtronic with a proven office-based procedure in a very fast growing segment of the sleep market.”