MINNEAPOLIS (AP) - Medical device maker Medtronic Inc. said Friday it has
completed its $4.2 billion buyout of Sunnyvale, Calif.-based Kyphon Inc.
The deal, initially announced by Medtronic in July, was seen as a move by
the device maker to jump-start its spinal business. Kyphon designs medical
devices to treat and restore the spine in the U.S. and Europe.
Medtronic is best known for its implantable pacemakers and defibrillators,
spinal implants and insulin pumps.
Directors of both companies have unanimously cleared the deal, and Kyphon
shareholders signed off on it two weeks ago.
Kyphon shareholders will receive $71 per share in cash for each share of
Kyphon common stock. Medtronic put the total value of the deal, including
payment of Kyphon debt, at $4.2 billion.
Medtronic said it financed the deal primarily with cash on hand.
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