Integer Holdings Corporation has entered a definitive agreement to be acquired by affiliates of Kohlberg Kravis Roberts & Co. L.P. in a transaction with an enterprise value of $5.7 billion. Under the deal, each eligible Integer share will be converted into the right to receive $127 in cash, without interest. The transaction requires approval by a majority of Integer's outstanding shares and applicable antitrust and foreign investment clearances, but it is not subject to a financing condition. The agreement includes a $307 million parent termination fee if Integer ends the deal under specified circumstances involving a buyer breach. Integer has withdrawn its financial outlook and canceled its second-quarter earnings call, as merger progress now takes precedence over operating targets. Second-quarter sales fell 2.6% year over year to $464.1 million, and gross margin contracted to 24.3% from 27.1%. If completed, Integer will become a wholly owned subsidiary of the buyer and its shares will be delisted from the NYSE.
Integer Holdings CorpInteger agrees to be acquired by KKR for $5.7B, with shareholders receiving $127/share in cash.
KKR & Co. Inc.KKR affiliates are acquiring Integer Holdings in a $5.7B enterprise-value deal.
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