Medtronic in $500 Million Acquisition
January 22, 2010
Cleary Gottlieb is representing Medtronic in connection with its pending all cash acquisition of Invatec, an Italian company, and two related companies, Fogazzi and Krauth Cardio-Vascular, based in Italy and Germany, respectively. The agreement was signed on January 22 and calls for Medtronic to make an initial payment of $350 million to Invatec and up to $150 million in earn-out payments for Invatec’s achievement of specific milestones.
Medtronic is the global leader in medical technology – alleviating pain, restoring health, and extending life for millions of people around the world. Invatec is a developer of innovative medical technologies for the interventional treatment of cardiovascular disease; Fogazzi provides polymer technology to Invatec, and Krauth Cardio-Vascular distributes Invatec products in Germany.