Deals
Abbott to Buy St. Jude Medical in Deal Valued at About $25 Billion
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Abbott to Purchase St. Jude Medical in $25 Billion Deal
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Abbott Laboratories agreed to buy heart-device maker St. Jude Medical Inc. for $25 billion, its biggest ever acquisition as the industry consolidates to gain bargaining power with hospitals.
St. Jude shareholders will receive $46.75 in cash and 0.8708 shares of Abbott common stock, representing approximately $85 per share, according to a statement Thursday. That’s 37 percent above St. Jude’s closing price on Wednesday. Abbott will also assume or refinance St. Jude’s $5.7 billion in debt.