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Medtronic plc, a leading global healthcare technology company headquartered in Dublin, Ireland, is set to acquire EOFlow, a wearable insulin patch maker based in South Korea, for $738 million.
The Korea Economic Daily reported that Medtronic confirmed it has signed a share purchase agreement (SPA) to buy all the shares of EOFlow's chief executive officer Jesse Kim and president Luis Malave. The medical device company said that their shares are priced at KRW30,000 per share or about $22.60.
The price is said to be higher 19.8% higher compared to the KRW25,050 closing stock price on Friday, May 26. This is also said to be EOFlow's highest share price since November 2021, and the surge was hinted to be due to Medtronic's acquisition plan of the company.
EOFlow said that its CEO Jesse Kim currently owns the biggest stake in the company, and he signed a SPA with Medtronic Korea Holdings for the sale of the 18.58% stake, which he owns for KRW169.2 billion. On the other hand, EOFlow's president Luis Malave holds less than five percent of the company.
"Our goal is to simplify diabetes management and deliver the well-established benefits of automated insulin delivery to our customers in the ways they want and need," Medtronic Diabetes' executive vice president and president, Que Dallara, said in a press release. "We are excited to introduce a differentiated wearable patch option to provide more patient choice and drive further innovation for those who want to use technology to make living with diabetes easier."
EOFlow's founder and CEO, Jesse Kim, added, "We are thrilled to accelerate our next phase of growth with a partner like Medtronic who shares our goal of simplifying diabetes management to make life easier for the customers we serve."
Meanwhile, JP Morgan Securities LLC has been assigned by Medtronic as its financial advisor for the transaction, while Kim & Chang and Ropes & Gray LLP serve as its legal advisors. For EOFlow, it has hired Goldman Sachs & Co. LLC as its financial advisor and Bae, Kim & Lee LLC acting as its legal advisor.
Photo by Tony Webster/Flickr(CC BY 2.0)
