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Medtronic closes acquisition of Israel's Mazor Robotics

Medtronic PLC completed its acquisition of Israel-based Mazor Robotics Ltd.

The Dublin-based healthcare company acquired all of Mazor's ordinary shares for $29.25 apiece, or $58.50 per American depository share, in cash. Net of Medtronic's existing stake in Mazor and cash acquired, the deal was valued at $1.3 billion.

According to Medronic, the transaction will help strengthen its position as a provider of spine surgery technologies.

Medtronic expects the acquisition to be mostly dilutive to its fiscal 2019 EPS, with a double-digit return on invested capital by year four and increasing contribution going forward.

Following closing, Mazor Robotics will join Medtronic's neurosurgery business, which is part of the restorative therapies group's brain therapies division.

Perella Weinberg Partners LP and Goldman Sachs & Co. LLC acted as Medtronic's financial advisers, with Meitar Liquornik Geva Leshem Tal and Ropes & Gray LLP as legal advisers. J.P. Morgan Securities LLC and Duff & Phelps LLC were Mazor's financial advisers, and Kirkland & Ellis LLP and Luchtenstein Levy Wiseman Law Office acted as legal advisers.