U.K. regulators OK Sorin-Cyberonics merger

The High Court of England and Wales today approved the $2.7 billion merger of medical giants Cyberonics (NSDQ:CYBX) and Sorin Group (BIT:SRN), now known as LivaNova.

The U.K.-approved merger will go into effect October 19, according to the companies.

With the approved transaction, each Sorin share will be converted to 0.0472 ordinary shares of $1.52 ( UK£1.00) nominal value in share capital of LivaNova, and Cyberonics shareholders will receive 1 ordinary share of the same value of LivaNova for each share in Cyberonics, according to the companies.

The news has sent Cyberonics stocks down roughly 2% to $67.80 in mid-day trading.

In May, Sorin and Cyberonics shareholders approved a merger of the companies  and the companies announced the management roster for the new entity, which is united the global leaders in neuromodulation and cardiac surgery with a combined equity value of $2.7 billion.

The merger won approval from U.S. anti-trust regulators in April. Sorin’s sales account for more than 60% of the combined entity’s total sales. Cyberonics had around $290 million in 2014 revenues, 1 production facilities and 650 employees, compared to Sorin’s sales of nearly $1 billion, 10 manufacturing sites and 3,900 workers.

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