Medtronic to Acquire HeartWare International

June 27, 2016—Medtronic plc and HeartWare International, Inc. announced that the companies have entered into a definitive merger agreement under which Medtronic will acquire HeartWare in a transaction valued at approximately $1.1 billion. The acquisition is expected to close during Medtronic's second fiscal quarter ending October 28, 2016, subject to the satisfaction of customary closing conditions.

HeartWare develops and manufactures miniaturized implantable heart pumps to treat patients with advanced heart failure. According to the companies' press release, HeartWare’s flagship product is the HVAD ventricular assist device, which is designed to reduce surgical invasiveness, improve patient recovery times, and enhance patient outcomes. In addition, HeartWare has multiple technologies in development designed to offer progressively less-invasive mechanical circulatory support options for patients with end-stage heart failure.

HeartWare’s corporate headquarters are located in Framingham, Massachusetts. The company has technology, operations, manufacturing, and distribution centers in Miami Lakes, Florida; Arden Hills, Minnesota; and Hannover, Germany. Medtronic is headquartered in Minneapolis, Minnesota.