Medtronic to Acquire Mazor Robotics for Approximately $1.64 Billion
Ropes & Gray advised Medtronic plc, a global leader in medical technology, in its acquisition of Mazor Robotics, a pioneer in the field of robotic guidance systems. Medtronic will acquire all outstanding ordinary shares of Mazor for $58.50 per American Depository Share, or $29.25 (104.80 ILS) per ordinary share, in cash, for a total of approximately $1.64 billion, or $1.34 billion net of Medtronic's existing stake in Mazor and cash acquired. The transaction, announced on Sept. 20, is expected to close during Medtronic's third fiscal quarter ending Jan. 25, 2019, subject to customary closing conditions.
Mazor, founded in 2001, pioneered the application of robotics technology in spinal procedures. To date, more than 200 Mazor systems are in clinical use on four continents and have guided the placement of more than 250,000 implants during approximately 40,000 procedures.
The Ropes & Gray team was led by mergers & acquisitions partner Christopher Comeau, antitrust partners Ruchit Patel and Michael McFalls and benefits partner Renata Ferrari.