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news.Medical technology company Medtronic has completed its acquisition of Kyphon. Kyphon shareholders will receive $71.00 per share in cash for each share of Kyphon common stock they own. The total value of the transaction, including payment of Kyphon debt, is approximately $4.2 billion.
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Bill Hawkins, president and CEO of Medtronic, said: “The product lines and the geographic presence of these two companies are highly complementary. We expect this acquisition to help accelerate the growth of Medtronic’s existing spinal business by extending our product offerings into some of the fastest growing product segments and enabling us to provide physicians with a broader range of therapies for use at all stages of the care continuum.”
Richard Mott, president and CEO of Kyphon, said: “We are pleased that we were able to deliver outstanding value to our shareholders that fully reflects Kyphon’s innovation and growth potential. Combining our business with Medtronic’s Spinal business is also advantageous for our customers, their patients and our employees.”