Sorin Group to merge with Cyberonics Inc.

Sorin S.p.A. a global medical device company and a leader in the treatment of cardiovascular diseases, and Cyberonics Inc. a medical device company with core expertise in neuromodulation, announced their merger plan to create a new global leader in medical technologies with a combined equity value of approximately $2.7 billion (€2.4 billion) based on the closing price of Sorin and Cyberonics shares on 25 February.The proposed transaction has been unanimously approved by the boards of directors of both companies. Under the terms of the transaction, Sorin and Cyberonics will combine under a newly formed holding company, “NewCo”, which the parties will name prior to closing. The New Company will also be a major player in cardiac rhythm management, especially in Europe and Japan.