MDT - Medtronic to acquire implant manufacturer Intersect ENT for $1.1 billion
Medtronic (NYSE:MDT) is trading ~1.4% higher in the pre-market after announcing an agreement to acquire Intersect ENT (NASDAQ:XENT) in an all-cash transaction valued at $1.1B including debt. Intersect ENT (XENT) is a MedTech player in the ear, nose, and throat (ENT) space with a portfolio of products, including PROPEL and SINUVA sinus implants. Per the terms, Medtronic (MDT) will acquire all outstanding shares of Intersect ENT for $28.25 per share. The deal is expected to close towards Medtronic’s current fiscal year subject to certain conditions such as the approval of Intersect ENT's stockholders. The acquisition will be neutral to Medtronic’s earnings per share within the first twelve months after the close and accretive thereafter.
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Medtronic to acquire implant manufacturer Intersect ENT for $1.1 billion