Abbott to acquire Cardiovascular Systems for $20 per share, or $890M

Abbott (ABT) and Cardiovascular Systems (CSII), announced a definitive agreement for Abbott to acquire CSI, a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease. Under terms of the agreement, CSI stockholders will receive $20 per common share at a total expected equity value of approximately $890M. Upon close, the transaction is expected to be neutral to Abbott’s recently issued 2023 ongoing earnings per share guidance. The transaction, which has been approved by the boards of directors of CSI and Abbott, is subject to the approval of CSI stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.