MINNEAPOLIS - Medtronic, Inc. (NYSE: MDT), and ATS Medical, Inc. (NASDAQ: ATSI), today announced that the companies have signed a definitive agreement under which Medtronic will acquire ATS Medical by paying $4.00 per share in cash for each share of ATS Medical stock. The total value of the transaction is expected to be approximately $370 million, which includes the purchase of ATS Medical stock and assumption of net debt.
ATS Medical is a leading developer, manufacturer and marketer of products and services focused on cardiac surgery, including heart valves and cryoablation technology. The company's innovative Open-Pivot® bileaflet mechanical and 3f® pericardial valve technology, along with its CryoMaze family of ablation products, will extend Medtronic's current product offerings to cardiac surgeons.
"The acquisition of ATS Medical will further strengthen our CardioVascular business," said Scott Ward, senior vice president of Medtronic, Inc., and president of the CardioVascular business. "ATS is an innovative and successful company that is well respected by cardiac surgeons throughout the world."
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"Medtronic's complementary mission and leadership in treatments for structural heart disease represents the best possible opportunity for bringing ATS Medical's innovative cardiac surgery technologies to more surgeons and patients," said Michael Dale, chairman, president and CEO of ATS Medical. "We are very proud of the business that ATS Medical's past and present employees have built while maintaining an unwavering focus on innovation and, above all, delivering products that provide superior clinical outcomes."
The transaction is subject to customary closing conditions, including approval by ATS Medical's shareholders and U.S. and foreign regulatory clearances.
About ATS Medical
ATS Medical, Inc. is dedicated to 'Advancing The Standards' of cardiac surgery through the development, manufacturing and marketing of innovative products and services for the treatment of structural heart disease. ATS serves the cardiac surgery community by focusing on heart valve disease therapy and ablation of cardiac arrhythmias.
About Medtronic
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world. The CardioVascular business is committed to advancing the treatment of coronary, peripheral, aortic and structural heart disease through collaboration with leading clinicians, researchers and scientists worldwide.
