Greatbatch, Inc. announced Thursday it has entered into a definitive agreement to acquire Lake Region Medical for around $1.73 billion in cash and stock.
The deal will create one of the biggest medical device OEM suppliers in the world serving the cardiac, neuromodulation, vascular, orthopaedics and advanced surgical markets.
Lake Region Medical helps bring life-changing products from concept to point-of-care in the cardio and vascular and advanced surgical markets, including offerings in electrophysiology, vascular access, cardiovascular, urology, oncology, orthopaedics, laparoscopy, biopsy/drug delivery and arthroscopy.
"I am very proud of the Lake Region Medical team and what they have accomplished over many years," Donald J. Spence, chairman and CEO of Lake Region Medical, said. "Today marks the start of an important new chapter for the company and I am confident the combination of Lake Region Medical and Greatbatch will form an even stronger entity with unmatched technology and manufacturing capabilities to better serve our customers into the future."
After the transaction closes, the combined company will employ more than 9,000 people globally with revenues of approximately $1.5 billion.
"The combination of Greatbatch and Lake Region Medical brings together two highly complementary organizations that can provide a new level of industry leading capabilities and services to OEM customers while building value for shareholders," Thomas J. Hook, president and CEO of Greatbatch said.