KKR signed definitive terms to acquire Integer Holdings Corporation for $5.7 billion in cash, removing the Plano-based medical device component manufacturer from public markets after a decade-long run. The transaction values Integer at $127 per share, a 29% premium to the 30-day volume-weighted average and a 34% premium to the undisturbed price before merger speculation surfaced in mid-March. Integer's board approved the deal unanimously. Closing expected in Q3 2025, subject to shareholder vote and regulatory clearance in the US and EU.
Integer supplies batteries, enclosures, and electrical components for cardiac rhythm management devices and neuromodulation systems—high-margin, high-regulatory-barrier products sold to OEMs including Medtronic, Abbott, and Boston Scientific. The company generated $1.56 billion in revenue over the trailing twelve months with an EBITDA margin near 21%, but its stock traded at a discount to pure-play device manufacturers due to exposure to legacy battery contracts and slower growth in the pacemaker market. KKR's thesis centers on a multi-year operational improvement program already underway: Integer has been consolidating manufacturing footprints, automating assembly lines, and shifting product mix toward higher-margin neuromodulation components used in spinal cord stimulators and deep brain stimulation devices. Neuromodulation revenue grew 8% year-over-year in the most recent quarter, outpacing the 3% growth in cardiac rhythm management.
The deal reflects two structural shifts. First, private equity continues to view medical device supply chains as undervalued infrastructure plays—KKR's healthcare vertical has deployed over $12 billion since 2020, with a preference for B2B component manufacturers over end-market exposure. Integer's customer concentration (top five OEMs represent 62% of revenue) is a risk for public equity holders but a stable cash flow profile for leveraged buyers. Second, the transaction prices in the multi-decade tailwind from implantable neuromodulation adoption, which is expanding beyond chronic pain into obesity, depression, and hypertension indications. Integer is a Tier 1 supplier for Medtronic's Intellis neurostimulator platform and Abbott's Eterna rechargeable spinal cord stimulator, both launched in the past 18 months. The gross margin delta between legacy pacemaker batteries (18-22%) and neuromodulation components (28-34%) gives KKR a clear roadmap: accelerate the shift, exit low-margin contracts, and re-lever the balance sheet around the higher-growth segment.
Allocators should track two near-term events. First, Integer's shareholder vote is scheduled for late June, and activist investors held approximately 11% of shares as of the last 13F cycle—any pushback will surface there. Second, KKR's financing package will be disclosed in the proxy filing, expected within 30 days; the firm is reportedly using $3.2 billion in committed debt from JPMorgan and Goldman Sachs, with the remainder funded from its Americas XII flagship fund. Leverage is expected to settle near 4.5x EBITDA, moderate by today's buyout standards but sufficient to pressure Integer's capital allocation toward margin expansion over revenue growth in years one and two.
The announced deal removes one of the last publicly traded pure-play component manufacturers in the medical device supply chain, leaving smaller peers like Cirtec Medical and TE Connectivity's medical unit as the remaining comp set for acquirers. Integer's contract pipeline includes multi-year agreements for rechargeable battery systems in next-generation cardiac devices, and those agreements transfer to KKR without renegotiation. The stock closed $126.80 on Friday, just below the offer price, suggesting the market expects no competing bid and minimal regulatory friction.
The takeaway
KKR is betting $5.7B that Integer's shift from legacy pacemaker components to neuromodulation delivers mid-teens unlevered IRRs under private ownership.
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