Medtronic Inc. (NYSE:MDT) closed its $370 million acquisition of ATS Medical Inc. (NSDQ:ATSI).
The deal called for Fridley, Minn.-based medical device monolith to pay $4 per share for its Twin Cities peer, as well as assuming its debt. ATS Medical owed Medtronic $30 million as of July 3, according to a regulatory filing, and had total liabilities of about $10.8 million.
ATS shareholders approved the deal earlier this month.
Medtronic has pushed aggressively into the heart valve market recently, spending over $1 billion last year to acquire CoreValve Inc. in Irvine, California, and Ventor Technologies Ltd. in Israel.
It’s no surprise that ATS shareholders eagerly embraced the deal. The company lost $6.3 million last year, a significant improvement over 2008 when it lost $19.3 million. Prior to the deal’s announcement, ATS’ stock hadn’t climbed as high as $4 in five years.
