RTTNews | Aug 6, 2021 07:14AM EDT

07:13 Friday, August 6, 2021 (RTTNews.com) - Medical technology firm Medtronic plc (MDT) announced Friday that it has entered into a definitive agreement with Intersect ENT (XENT), a global ear, nose, and throat (ENT) medical technology leader dedicated to transforming patient care, in which Medtronic will acquire all outstanding shares of Intersect ENT for $28.25 per share in an all-cash transaction implying an enterprise value of approximately $1.1 billion. The boards of directors of both companies have unanimously approved the transaction.

Medtronic's acquisition of Intersect ENT expands the company's portfolio of products used during ear, nose, and throat procedures. Intersect ENT's PROPEL and SINUVA sinus implants are clinically proven solutions that open sinus passageways and deliver an anti-inflammatory steroid to aid in healing.

The complementary product lines and customer base will further Medtronic's efforts to have a positive impact for patients who suffer from chronic rhinosinusitis (CRS).

By combining these products with Medtronic's navigation, powered instruments, and existing tissue health products, the company intends to offer a broader suite of solutions to assist surgeons treating CRS patients.

The acquisition is expected to close toward the end of Medtronic's current fiscal year, subject to the satisfaction of customary closing conditions, including receipt of regulatory clearances and approval by Intersect ENT's stockholders.

Following close, the transaction is expected to be accretive to Medtronic's weighted average market growth rate (WAMGR), and to be neutral to Medtronic's adjusted earnings per share in the first twelve months and accretive thereafter.

Read the original article on RTTNews ( https://www.rttnews.com/3216907/medtronic-to-buy-intersect-ent-for-28-25-share-cash-quick-facts.aspx)

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