Thoratec Announces Acquisition of Medical Business of Levitronix for $110M

Thoratec Corporation THOR entered into an Agreement and Plan of Merger with Levitronix LLC, a Delaware limited liability company, Revere Merger Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of Thoratec, Pharos, LLC, a Delaware limited liability company, Levitronix Technologies, LLC, a Delaware limited liability company, certain former members of Levitronix, certain members of Pharos and Pharos, as Seller Representative. The aggregate value of the cash consideration paid at the closing of the Acquisition was approximately $110.0 million. In addition, earn-out payments up to an aggregate amount of $40.0 million will be payable over four years, contingent upon the achievement of certain minimum revenues generated through sales of Levitronix Medical's products.