NuVasive (NSDQ:NUVA) closed its $80 million pickup of Impulse Monitoring Inc. last week, according to a filing with the federal Securities & Exchange Commission.
The deal, which closed Oct. 7, saw IMI’s shareholders receive nearly $40.5 million in cash and more than 2.3 million shares of NuVasive common stock with an aggregate value of about $40.5 million (per NUVA’s Oct. 6 closing share price of $17.32).
NuVasive “paid $10 million of the merger consideration in cash into an escrow fund to satisfy any indemnification claims made by the company,” according to the filing, plus another $500,000 in escrow “to secure the IMI security holders’ payment obligations, if any, with respect to working capital, net debt and transaction expense adjustments” and $250,000 in escrow “to be used by the stockholders’ agent for reimbursement of any costs and expenses.”
Columbia, Md.-based Impulse provides intra-operative monitoring services to hospitals and surgical centers. The company’s neurophysiologists work as members of the surgical team to keep watch for signs of “neurological compromise and identification of functional neural structures,” according to a press release.
The company offers the service for cardiology, ear-nose-throat, brain, general orthopedic and spine procedures; the latter accounts for 80 percent of its case volume. The deal is aimed at augmenting its NeuroVision nerve monitoring system, used along with its XLIF lateral lumbar interbody fusion offering, NuVasive said when the deal was announced last month.
Here’s a roundup of companies announcing mergers, acquisitions and divestitures.
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Precision Engineered Products buys Boston Endo-Surgical
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Aptiv Solutions buys fellow CRO SRA Global Clinical Development
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