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.
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.