Greatbatch Closes $96.5M Enpath Buyout

Greatbatch Inc., a medical device components maker, said Monday it completed the buyout of Enpath Medical Inc. for about $96.5 million in cash.

Under the deal first announced in April, Greatbatch also assumed about $5.5 million in debt.

The company actually completed the bulk of the tender offer earlier this month, buying 90.1 percent of Plymouth, MN-based Enpath for $14.38 per share. On Monday, the company said it completed buying the remaining shares, also for $14.38 per share.

Greatbatch, which makes catheters, leads, and other products for pacemaker, defribillator, catheter and infusion port procedures, has said it plans on expanding its cardiac rhythm management product line with the Enpath buyout.

Shares of Greatbatch rose 7 cents to $31.42 in afternoon trading, after earlier climbing to a new 52-week high of $31.90. Over the past year, the stock had previously traded between $20.36 and $31.54.

SOURCE: THE NEW YORK TIMES