Medtronic Completes Acquisition of HeartWare International

August 23, 2016—Medtronic plc announced that it has completed its acquisition of HeartWare International, Inc. HeartWare, which develops and manufactures less-invasive, miniaturized, mechanical circulatory support technologies for treating patients with advanced heart failure, will become part of the Heart Failure business within the Medtronic Cardiac Rhythm and Heart Failure division.

According to Medtronic, HeartWare’s HVAD system is a full-support ventricular assist device indicated in the United States for refractory end-stage left ventricular heart failure patients who are awaiting a heart transplant. The HVAD system is approved in Europe for long-term use in patients at risk of death from refractory, end-stage heart failure.

Under the terms of the transaction, each outstanding share of HeartWare common stock has been converted into the right to receive $58 in cash, without interest, subject to any required withholding of taxes.

On June 27, the companies first announced a definitive merger agreement under which Medtronic would acquire HeartWare for approximately $1.1 billion.