Medical device maker Greatbatch (NYSE:GB) has wrapped up its acquisition of Lake Region Medical in a $1.73B deal to create one of the world's largest medical device outsource manufacturers.
It plans to rename the joined company Integer Holdings Corp., subject to shareholder approval at the May annual meeting.
Greatbatch secured $1.96B in financing in connection with the deal: $1.6B in senior secured credit facilities, and $360M in 9.125% notes due 2023.
The combination sports a portfolio featuring Greatbatch Medical, Lake Region Medical and Electrochem as brands, serving the cardiac, neuromodulation, orthopedics, vascular, advanced surgical and portable medical markets.
Earlier, Greatbatch was down 0.4% in after-hours trading.