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News > Deals
Medtronic sets acquisition
June 29, 1998: 11:20 a.m. ET

Pacemaker maker pays $538M stock for defibrillator firm Physio-Control
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NEW YORK (CNNfn) - Medical technology company Medtronic Inc. said Monday it has agreed to acquire all shares of Physio-Control International Corp. in a deal valued at $538 million.
     Under terms of the agreement, which will be accounted for as a pooling of interests, Physio-Control (PHYS) shareholders will receive Medtronic (MDT) stock valued at $27.50 for each share of Physio-Control they hold.
     Medtronic is the world's largest maker of pacemakers. Physio-Control is the leading provider of external defibrillators used to treat heart attacks.
     Richard Martin will remain chairman and chief executive of Physio-Control. The company will retain its base in Redmond, Wash.
     Medtronic said it expects the deal to be "immediately accretive" to its earnings.
     The companies expect the deal to be completed in the fall.
     Medtronic (MDT) shares climbed 9/16 to 63-1/2 in early trading. Physio-Control (PHYS) shares soared 3-5/32, more than 13 percent, to 26-5/32. Back to top

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