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Sorin shareholders OK Cyberonics merger

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Sorin shareholders OK Cyberonics Merger

Sorin Group (BIT:SRN) said shareholders met today and approved its upcoming merger with Cyberonics (NSDQ:CYBX).

The deal, which is slated to bring together global leaders in neuromodulation and cardiac surgery with a combined equity value of $2.7 billion, is expected to close by the end of the 3rd quarter.

Sorin stockowners will receive 0.0472 units of the new entity for each Sorin share, the company said; Cyberonics shareholders will receive 1 share of the new company for each CYBX share.

Leaders for the new company were announced earlier this month, with Sorin CEO André-Michel Ballester set to take the reins as CEO of the new company, with Cyberonics CEO Dan Moore as chairman.

The merger won approval from U.S. anti-trust regulators in April. Sorin’s sales account for more than 60% of the combined entity’s total sales. Cyberonics had around $290 million in 2014 revenues, 1 production facilities and 650 employees, compared to Sorin’s sales of nearly $1 billion, 10 manufacturing sites and 3,900 workers.

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