Medtronic to Acquire Kyphon for $3.9 Billion

Medtronic announced it signed a merger agreement under which it will acquire all outstanding shares of spinal device maker Kyphon for $71 per share in cash.

The transaction is valued at approximately $3.9 billion, the company said. 

The transaction, which is anticipated to close in the first quarter of 2008, is expected to be neutral to Medtronic earnings in the first full fiscal year, it added.