KKR to Take Device Contract Manufacturer Integer Private in $5.7 Billion Deal

Investment firm KKR has agreed to acquire Integer Holdings, which describes itself as one of the world's largest medical device contract development and manufacturing organizations, in an all-cash transaction valued at an enterprise value of approximately $5.7 billion, the companies announced on August 3 in a release Integer filed with the Securities and Exchange Commission.

Integer stockholders will receive $127 per share. The companies said that represents a premium of about 51.8% to Integer's closing price on April 29, 2026, the day before Integer announced a strategic review, and 28.8% to its 30-day volume-weighted average price as of July 31.

Strategic review ends in a sale

The agreement follows the board-led strategic review Integer announced on April 30. The Integer board considered a range of alternatives and determined that the KKR transaction "represents the best path forward for Integer and delivers immediate and certain value to its stockholders," the release said. The board unanimously approved the agreement and recommends that stockholders vote for it.

The deal is expected to close by the end of the year, subject to stockholder approval, required regulatory approvals and other customary conditions. It is not subject to a financing contingency. KKR will fund the purchase through its core private equity strategy, using equity from KKR-managed funds and committed debt financing. Citi, KKR Capital Markets, Barclays, UBS and Jefferies will act as lead arrangers for the debt.

Once the deal closes, Integer will become a privately held company and its shares will no longer trade on the New York Stock Exchange. Because of the pending transaction, Integer withdrew its previously issued financial outlook and canceled the earnings call it had scheduled for August 6, though it still released second-quarter results separately.

Supplier to device makers

Plano, Texas-based Integer serves the cardio and vascular, neuromodulation and cardiac rhythm management markets, and its brands include Greatbatch Medical and Lake Region Medical, according to the release. KKR said Integer has about 11,000 employees.

"We believe this transaction recognizes the strength of Integer's business, which includes our dedicated associates, our differentiated engineering and manufacturing capabilities, and our long-term growth opportunities, while providing stockholders with immediate and certain value," said Payman Khales, Integer's president and CEO.

Max Lin, a partner at KKR, said the firm is "excited by the opportunity to deploy capital and resources to further advance Integer's next chapter of growth and innovation." KKR said that as a portfolio company Integer would have additional flexibility to invest in capacity, technology and talent, and that it intends to set up a broad-based employee ownership program at Integer after closing.

Goldman Sachs is Integer's exclusive financial adviser, with Davis Polk & Wardwell as legal adviser. Centerview Partners, Barclays, Citi and Raymond James are financial advisers to KKR, and Kirkland & Ellis is its legal adviser.