Medtronic (NYSE:MDT) today said it acquired France-based spinal surgery technology company Medicrea.
Through the deal, Medtronic is buying for a tender offer price of €7.00 (nearly $7.84) per share for a premium of 22% over the closing price of shares on July 14, 33% over the one-month value-weighted average price and 56% over the three-month volume-weighted average price.
The acquisition will help strengthen Medtronic’s orthopedic spine surgery platforms.
“Combining Medtronic’s innovative portfolio of spine implants, robotics, navigation, and 3D imaging technology with Medicrea’s capabilities and solutions in data analytics, artificial intelligence and personalized implants, would enhance Medtronic’s fully-integrated procedural solution for surgical planning and delivery. This marks another important step in furthering our commitment to improving outcomes in spine care,” said Jacob Paul, SVP of cranial and spinal technologies at Medtronic.