Medtronic Inc. (NYSE:MDT) announced that it closed on PEAK Surgical Inc. and Salient Surgical Inc. for an aggregate $585 million.
The Minneapolis, Minn.-based med-tech giant paid $480 million for Salient and $105 million for PEAK, not considering Medtronic’s existing ownership stake.
PEAK brings in about $20 million in revenue annually and Salient adds approximately $100 million, according to a press release.
Medtronic announced in July that it would acquire Salient Surgical Technologies in a deal that’s been in the works for more than 11 years.
Previously known as TissueLink Medical, Portsmouth, N.H.-based Salient launched in August 1999, after securing an exclusive global license to "wet" electrode technology developed by Medtronic. The Fridley, Minn.-based device conglomerate has participated in each of Salient’s seven funding rounds over the last decade. In January, the company raised a final, $15 million round.
Both PEAK and Salient will operate under Medtronic’s restorative therapies group, which includes its spinal, neuromodulation, diabetes, and surgical technologies units. Those businesses pulled in nearly $16 billion in sales last year. The restorative therapies operation has come under intense pressure lately over the brewing Infuse bone growth controversy.
MDT stock was up 1 percent to $35.07 at the close of the day today.