Medtronic Inc.'s $370 million acquisition of ATS Medical Inc. is final after a relatively brief courtship between the two Twin Cities companies.
Shareholders of Plymouth-based ATS Medical approved the acquisition last week by a wide margin, and on Thursday Medtronic confirmed that the deal had been completed for $4 for each share of ATS stock and assumption of net debt.
"Our completed purchase of ATS Medical immediately expands Medtronic's product offerings and pipeline of surgical valves, repair products and surgical ablation technologies," Dr. John Liddicoat, vice president and general manager of the Structural Heart business at Medtronic, said in a statement.
ATS Medical was launched as a mechanical heart valve company in 1991 by med-tech veteran Manny Villafana, who served as the company's first chief executive. The company is perhaps best-known for its uniquely designed Open Pivot heart valve, which was first sold in international markets in 1992, and in the United States beginning in 2000.
To date, more than 140,000 Open Pivot heart valves have been implanted in patients worldwide. ATS has annual revenue of $76 million.
Medtronic shares closed Thursday at $35.99, down 29 cents.
JANET MOORE
