NewCo, the union of Sorin and Cyberonics

27/05/2015 - 3 minutes

[UPDATE 27/05/2015]: Sorin’ shareholders approved the merger with Cyberonics in an Extraordinary Meeting.

Sorin and Cyberonics, agreed on a merger plan to create a new global leader in medical technologies with a combined equity value of approximately €2.4Bn based on the closing price of Sorin and Cyberonics shares of 25th February.

Sorin and Cyberonics will combine under a newly formed holding company, “NewCo”, which the parties will name prior to closing. Each Cyberonics stockholder will receive one ordinary share of NewCo for every share of Cyberonics owned. Furthermore, each Sorin shareholder will receive a fixed ratio of 0.0472 ordinary shares of NewCo for every Sorin share owned. Sorin shareholders will own approximately 46% of NewCo, and Cyberonics shareholders will own approximately 54%, on a fully diluted basis.

The proposed transaction, the second-largest US-Europe deal so far this year, will bring together global leaders from the in cardiac surgery and neuromodulation sectors, and the combined company will also be a major player in cardiac rhythm management,

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