BlackRock Inc., 1 of the world’s largest hedge funds, boosted its stake in a clutch of medical device companies, with 1 exception.
Stryker Corp. (NYSE:SYK) is readying a $750 million debt offering of five-year senior notes, little more than a week after inking a $135 million deal to acquire Concentric Medical Inc.
The Kalamazoo, Mich.-based orthopedics giant issued another massive round of debt notes early last year, offering $500 million in 5-year notes and $500 million in 10-year notes.
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BlackRock, which previously owned 42 million shares of SNN stock, acquired nearly 3 million additional shares, according to regulatory filings.
The world’s largest asset management firm is now a major player in medical devices.
In the first of several pending moves, BlackRock Inc. (NYSE:BLK) assumed a five percent stake in several medical device firms including Boston Scientific Corp. (NYSE: BSX) and Abiomed Inc. (NSDQ:ABMD), according to a clutch of regulatory filings with the federal Securities and Exchange Commission Jan 29.
BlackRock, which controls more than $3.2 trillion in assets, assumed the stake in both firms following its purchase of Barclay’s Global Investors last December.