Medtronic, the world's leading makers of heart pacemakers, has taken over neurological device maker Sofamor Danek Group in a deal worth in excessive of $3bn.
The deal, to buy thecompany for $115 a share, has in a single swoop strengthened Medtronic's position in the neuro-surgical business and is the latest in a string of deals in the medical products industry this year.
Pfizer, famed for Viagra, sold its Schneider Worldwide to Boston Scientific Corporation for $2.1m and Johnson and Johnson acquired DePuy for $3.5bn.
The market was seen to support the Sofamor take-over as news of the deal saw shares in both companies rise and those in Sofamor moving upwards consistently throughout the day.
The software industry also received a much heralded boost when Houston based BMC Software said it was to acquire fellow independent software vendor Boole and Babbage in a stocks swap valued at $900m.
Combined, the companies will employ some 4,400 people in 26 countries and in the last 12 months combined revenues was $1.1bn. The deal is expected to conclude in the next few months, subject to stockholder and regulatory approval.
In the energy sector, PP&L Resources, which provides electricity across Eastern and Central Pennsylvania, revealed that it has agreed to buy 13 power stations from Montana Power for $1.5bn.
And in another major deal in the sector, CMS Energy Corporation, the parent of Michigan's largest utility Consumers Energy, said it plans to buy the natural gas pipeline, a liquefied natural gas terminal and other assets of the Panhandle Eastern Pipe Line Company from Duke Energy for $2.2bn.Reuse content