Notable Mergers and Acquisitions of the Day 6/9: STJ/NSTR, DGII
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- Notable Mergers and Acquisitions of the Day 6/9: STJ/NSTR, DGII
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- St. Jude Medical (STJ) Announces $500M Share Buyback
- St. Jude Medical, Inc. (NYSE: STJ) announced the acquisition of the intellectual property and non-cash assets of Northstar Neuroscience, Inc. (Nasdaq: NSTR), a medical device company, for a payment of $2 million.
Northstar focused on developing cortical stimulation therapies for the treatment of major depressive disorder, stroke and other neurological disorders. The company developed the Renova(TM) Cortical Stimulation System, an investigational device designed to deliver targeted stimulation to the cerebral cortex.
With this transaction, St. Jude Medical acquires Northstar's intellectual property portfolio, clinical study data, device designs, and manufacturing equipment.
The transaction is expected to be neutral to St. Jude Medical's consolidated earnings per share in 2009.
- Digi International(R) Inc. (NASDAQ: DGII) today announced the purchase of substantially all the assets of the U.S., Indian and Singapore affiliates of MobiApps Holdings Private Limited, a developer of machine-to-machine communications technology, focusing on satellite, cellular, and hybrid satellite/cellular solutions. MobiApps employs 63 people in India, Singapore, and the United States with a vast majority based in its India headquarters in Bangalore. The asset purchase positions Digi with satellite products and technologies that complement its wireless M2M strategy. MobiApps has a strong technology and product position in the Orbcomm satellite ecosystem.
The purchase price of $3.0 million is a cash transaction for substantially all of the assets of MobiApps. An additional $0.5 million may be payable at the end of fiscal 2010, contingent on the achievement of certain performance milestones.
Digi expects MobiApps to contribute in excess of $0.35 million in revenue for fiscal 2009, from date of acquisition. Digi anticipates MobiApps will contribute revenue in a range of $2.4 million to $3.0 million for fiscal year 2010.
Digi expects the MobiApps acquisition will be approximately $0.01 to $0.02 dilutive for fiscal 2009, and that MobiApps' impact on earnings per diluted share will be breakeven to $0.02 dilutive for fiscal 2010.
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