Medtronic Closes Buyout of China Kanghui Holdings
Medical device giant Medtronic completes the acquisition of Chinese orthopedic implant maker China Kanghui Holdings, planning to use the Kanghui network to broaden its reach in the emerging market. Medtronic (NYSE:MDT) completed the previously announced acquisition of China Kanghui Holdings in a deal valuing the company at $30.75 per share, for a total transaction value of $816 million.
The deal reflects Medtronic CEO Omar Ishrak's goal to expand the company's reach in emerging markets. including a concerted effort to build its business in Brazil, Russia, India and China. The Chinese medical device market could eclipse the American market by the end of the decade, Ishrak has said in the past.