Medtronic PLC said late Thursday that it plans to buy the Israel-based Mazor Robotics Ltd. for $1.64 billion in cash.
Mazor stock is up 7.5% and Medtronic fell less than 0.1% after hours. The S&P 500 index closed up 0.8%. Medtronic, a medical technology maker, said it would pay $58.50 for each American Depository Share of Mazor, which makes robotic guidance systems that are applied to medical tech.
“The Mazor team and product portfolio’s full integration into Medtronic will maximize our impact globally through Medtronic’s channels, advance our systems’ leadership position in the marketplace, and drive the realization of our vision to heal through innovation,” said Mazor CEO Ori Hadomi.
The acquisition is expected to close during Medtronic’s third fiscal quarter, which ends Jan. 25, 2019.
By Max A. Cherney
Source: MarketWatch
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