Medtronic Expands Its ENT Portfolio With Intersect ENT Acquisition For $28.25/Share - Medtronic (NYSE:MDT)

Medtronic plc MDT has agreed to acquire Intersect ENT Inc XENT for $28.25 per share in an all-cash transaction implying an enterprise value of approximately $1.1 billion.
Medtronic's acquisition of Intersect ENT expands the company's portfolio of products used during ear, nose, and throat procedures.
The complementary product lines and customer base will further Medtronic's efforts to positively impact patients who suffer from chronic rhinosinusitis (CRS).
Intersect ENT's PROPEL and SINUVA sinus implants open passageways and deliver an anti-inflammatory steroid to aid in healing.
Following the close toward the end of Medtronic's current fiscal year, the deal is expected to be accretive to Medtronic's weighted average market growth rate and neutral to Medtronic's adjusted EPS in the first twelve months and accretive after that.
Price Action: XENT shares are up 13.2% at $27.75, and MDT shares closed at $128.02 on Thursday.