Medical device maker Cyberonics to buy Italy’s Sorin

Milan: United States-based medical device maker Cyberonics Inc has agreed to buy Sorin SpA in an all-stock deal that the Italian company said values it at about $1.4 billion (Dh5.1 billion). The new group will bring together two global leaders in the growing markets of cardiac surgery and neuromodulation, with a combined equity value of $2.7 billion, the companies said in a joint statement on Thursday. It will also be a leading player in cardiac rhythm management, especially in Europe and Japan, they added. Cyberonics will hold a 54 per cent stake in the new company and Sorin the rest. The business will be domiciled in Britain and will apply for dual-listing on Nasdaq and the London Stock Exchange.