Greatbatch buys Massachusetts company for $1.7B
Greatbatch Inc. announced Thursday that it will acquire Lake Region Medical for approximately $1.73 billion in cash and stock.The deal, which will have Greatbatch pay $478 million in cash, will create one of the largest medical device OEM suppliers in the world serving the cardiac, neuromodulation, vascular, orthopaedics and advanced surgical markets, according to a news release.
The agreement has been unanimously approved by the boards of directors of the respective companies.Founded in Western New York, Greatbatch NYSE:GB recently moved its corporate headquarters to Frisco, Texas, while maintaining operations in Clarence.PEOPLE ON THE MOVESteven PeiperHurwitz & Fine, P.C.Joy HigginsSt. Mary’s School for the DeafPaul SuozziHurwitz & Fine, P.C.See More People on the Move Greatbatch develops and manufactures medical device technologies for the cardiac, neuromodulation, vascular and orthopaedic markets; and batteries for high-end niche applications in the portable medical, energy, military, and environmental markets.Lake Region Medical, headquartered in Wilmington, Mass., collaborates to deliver life-changing innovations that enhance the lives of patients. The company helps customers bring products from concept to point-of-care in the cardio & vascular and advanced surgical markets. Lake Region Medical offers fully integrated outsourced manufacturing and engineering services, contract manufacturing, finished device assembly, original device development and supply chain management services.Upon completion, the combined company will have more than 9,000 workers and revenues of $1.5 billion.Two Buffalo entities worked on the transaction on behalf of Greatbatch; M&T Bank assisted with the financing and Hodgson Russ LLP is acting as legal advisor.Here is the news release from Greatbatch.