Medtronic to Buy Medicrea International for $154 Million
July 15 2020 - 6:37AM
Dow Jones News
By Colin Kellaher
Medtronic PLC on Wednesday said it agreed to buy French
implant-technologies company Medicrea International S.A. for about
135.4 million euros ($154.4 million) in a deal that bolsters its
spine-surgery business.
The Dublin-based medical-technology company said it will pay
EUR7.00 a share in cash for Medicrea, a 21.5% premium to Tuesday's
closing price of EUR5.76.
Medtronic said the acquisition will make it the first company to
offer an integrated spinal-surgery solution that includes
artificial intelligence-driven surgical planning, personalized
spinal implants and robotic-assisted surgery.
Medtronic said it expects to complete the acquisition by the end
of 2020, adding that the deal will be immaterial to its adjusted
per-share earnings in the first two fiscal years before turning
accretive in fiscal 2023.
Paris-listed shares of Medicrea were recently up 20.5% to
EUR6.94.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 15, 2020 06:22 ET (10:22 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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