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Integer Agrees to Be Taken Private by KKR in $5.7 Billion Deal

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Integer Agrees to Be Taken Private by KKR in $5.7 Billion Deal

Integer (ITGR) has agreed to be acquired and taken private by investment firm KKR (KKR) in an all-cash deal with an enterprise value of about $5.7 billion, the companies said in a joint statement on Monday.

Shareholders of Integer will receive $127 per share, a premium of roughly 52% to the medical device manufacturer's share price on April 29, the last trading day before it disclosed a strategic review.

Integer serves the cardio and vascular, neuromodulation and cardiac rhythm management markets.

Its stock gained 2.7% in most recent premarket activity, while KKR was up 2%.

The proposed transaction offers "immediate and certain value" to shareholders, Integer Chief Executive Payman Khales said in the statement.

The deal is expected to provide Integer with long-term capital to invest in capacity, technology and innovation, according to the companies.

"Integer is an exceptional platform with highly differentiated capabilities across a global manufacturing footprint," KKR Partner Max Lin said. "We are excited by the opportunity to deploy capital and resources to further advance Integer's next chapter of growth and innovation."

The transaction, which requires approval from Integer's shareholders and clearance from regulators, is expected to complete by the end of the year. Following completion, Integer's shares will no longer trade publicly.

Separately, Integer reported second-quarter adjusted earnings of $1.60 per share, up from $1.55 a year earlier, ahead of the FactSet-polled consensus of $1.38. Sales declined 2.6% to $464.1 million, but came in higher than the Street's view for $450.7 million.

The company withdrew its outlook in light of its proposed acquisition by KKR.

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