Oak Brook, Ill.-based Medtronic acquired medical device manufacturer HeartWare International for $1.1 billion, according to Nasdaq.
Each shareholder of the Framingham, Mass.-based company will receive $58 without interest against each outstanding common stock of the company.
According to the article, the acquisition will improve Medtronic's position in the heart failure technology space. HeartWare produces miniaturized versions of ventricular assist devices, or implantable heart pumps, which has become a popular device among cardiologists.
The buyout won't affect Medtronic's fiscal year 2017 operating results, but analysts speculate the merger will also help the company to deliver on its FY 17 revenue growth outlook.