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.
Medical device maker Cyberonics to buy Italy’s Sorin
New group to bring together two global leaders in the markets of cardiac surgery and neuromodulation, with a combined equity value of $2.7b