Greatbatch to Acquire Lake Region Medical

August 28, 2015—Greatbatch, Inc. announced that it has entered into a definitive agreement to acquire Lake Region Medical for approximately $1.73 billion in cash and stock. The transaction diversifies Greatbatch into the vascular, interventional cardiology, and advanced surgical segments of medical technology.

According to Greatbatch, the combination will create one of the largest medical device original equipment manufacturer suppliers serving the cardiac, vascular, vascular access, electrophysiology, neuromodulation, orthopedics, and advanced surgical markets. Additionally, the company will now have operations in the United States, Latin America, Europe, and Asia-Pacific. The combination also broadens proprietary technologies with high-volume, world-class manufacturing capabilities.

Greatbatch advised that the agreement has been unanimously approved by the Boards of Directors of both companies. The transaction is expected to close in the fourth quarter of 2015, subject to customary closing conditions and pending completion of all necessary regulatory reviews. Greatbatch will pay approximately $478 million in cash, issue an aggregate of 5.1 million shares of common stock and options to Lake Region Medical's equity holders, and assume approximately $1 billion of Lake Region Medical net debt.