Medtronic Announces Acquisition of CardioInsight Technologies, Developer of Non-Invasive Cardiac Mapping System
Friday, June 19, 2015
Source: Device Space
Medtronic plc (NYSE: MDT) today announced that it has acquired CardioInsight Technologies, Inc. ("CardioInsight"), a privately-held, Cleveland-based medical device company that has developed a new approach to improve the mapping of electrical disorders of the heart. CardioInsight will become part of the Medtronic Atrial Fibrillation Solutions business in the Cardiac Rhythm and Heart Failure division. Medtronic completed its acquisition of CardioInsight on a debt-free basis in a transaction valued at approximately $93 million, net of CardioInsight's cash of $7 million, plus performance-based contingent consideration that may be paid post-closing. Consideration consisted of an initial cash payment of $75 million and retirement of a Medtronic loan outstanding to CardioInsight in the amount of $25 million. Additional terms of the deal were not disclosed.