Medtronic buys HeartWare in $1.1 billion deal

June 27, 2016 1:49 PM

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Medical device maker Medtronic said Monday it would buy HeartWare International, a company best known for its HVAD heart pump designed to help with heart failure for $1.1 billion. The mechanical pump requires less invasive surgery than other treatments for heart failure.

At $58 per share, the deal is nearly double the $29.98 HeartWare closed at on Friday. HeartWare shares ended trading Monday up $27.81, or 93%, to close at $57.79. Medtronic fell $0.88 to $82.38.

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