St. Jude Medical has completed its previously announced acquisition of EP MedSystems for approximately $91 million, which will expand the company’s atrial-fibrillation business.
The St. Paul, Minn.-based St. Jude said that under the terms of the merger agreement, EP MedSystems shareholders could elect to receive either $3 in cash with the option of receiving cash or St. Jude common stock.
St. Jude also said that its board authorized an additional $50 million stock buyback to offset the shares issued in the transaction.
In the aggregate, St. Jude will pay approximately $91 million, consisting of approximately $54,558,607 in cash and approximately 898,000 shares of St. Jude Medical common stock.
EP MedSystems of West Berlin, N.J., develops, manufactures and markets a line of products for use in the cardiac rhythm management or electrophysiology market, which are used for visualization, diagnosis and treatment of cardiac rhythm disorders.