Medtronic announced it has completed its acquisition of Kyphon, a Sunnyvale, Calif.-based developer of minimally invasive spinal surgery devices. The total value of the transaction, including payment of Kyphon debt, was approximately $4.2 billion.

Under the terms of the agreement announced on July 27, Kyphon shareholders will receive $71.00 per share in cash for each share of Kyphon common stock they own.

Medtronic financed the transaction primarily using cash on hand.