Key Takeaways
- • KKR is acquiring Integer Holdings, a medical device CDMO, for approximately $5.7 billion in an all-cash transaction at $127 per share, representing the largest take-private of a publicly traded medical device CDMO on record.
- • The deal includes the assumption of Integer's outstanding debt and is expected to close by year-end 2026, subject to stockholder approval and regulatory clearance.
- • Integer generated $1.85 billion in total sales in 2025 (8% year-over-year growth) and operates approximately 11,000 employees globally, serving cardiovascular, neuromodulation, and cardiac rhythm management markets.
- • KKR plans to establish a broad-based employee ownership and engagement program at Integer post-acquisition, consistent with the firm's portfolio strategy of cultivating ownership culture.
- • The transaction signals continued private equity momentum in healthcare infrastructure, following recent large-scale deals including Blackstone/TPG's $18.3 billion acquisition of Hologic and American Industrial Partners' $1.27 billion purchase of Avanos.
Summary
KKR has agreed to acquire Integer Holdings Corporation, a Plano, Texas-based medical device contract development and manufacturing organization (CDMO), for approximately $5.7 billion in an all-cash transaction. Under the terms of the deal announced on August 9, 2026, KKR will pay Integer stockholders $127 per share in cash, with the enterprise value inclusive of the company's outstanding debt assumption. According to multiple sources, this represents the largest take-private transaction of a publicly traded medical device CDMO on record, underscoring KKR's strategic expansion into healthcare manufacturing infrastructure.
Integer operates as a key global supplier of components and finished medical device products, with particular strength in cardiovascular and neuromodulation therapies, as well as cardiac rhythm management markets. The company reported $1.85 billion in total sales during 2025, reflecting 8% year-over-year growth, and currently employs approximately 11,000 personnel across its global manufacturing footprint. Max Lin, a KKR partner, characterized Integer as "an exceptional platform with highly differentiated capabilities across a global manufacturing footprint, a track record for quality and reliability, and a talented team operating in attractive, durable end-markets."
The acquisition is structured to close by the end of 2026, contingent upon approval from Integer stockholders and regulatory authorities. Upon completion, Integer will become a privately held company and its common stock will delist from public markets. KKR has indicated its intention to establish a broad-based employee ownership and engagement program at Integer following the acquisition, aligning with the firm's broader portfolio strategy of fostering ownership culture within its healthcare investments.
The transaction reflects broader momentum among alternative asset managers targeting healthcare infrastructure consolidation. Recent comparable transactions include Blackstone and TPG's acquisition of diagnostics company Hologic for up to $18.3 billion and American Industrial Partners' $1.27 billion acquisition of Avanos Medical, signaling sustained institutional capital deployment into medtech contract manufacturing and related healthcare services sectors.
Integer operates as a key global supplier of components and finished medical device products, with particular strength in cardiovascular and neuromodulation therapies, as well as cardiac rhythm management markets. The company reported $1.85 billion in total sales during 2025, reflecting 8% year-over-year growth, and currently employs approximately 11,000 personnel across its global manufacturing footprint. Max Lin, a KKR partner, characterized Integer as "an exceptional platform with highly differentiated capabilities across a global manufacturing footprint, a track record for quality and reliability, and a talented team operating in attractive, durable end-markets."
The acquisition is structured to close by the end of 2026, contingent upon approval from Integer stockholders and regulatory authorities. Upon completion, Integer will become a privately held company and its common stock will delist from public markets. KKR has indicated its intention to establish a broad-based employee ownership and engagement program at Integer following the acquisition, aligning with the firm's broader portfolio strategy of fostering ownership culture within its healthcare investments.
The transaction reflects broader momentum among alternative asset managers targeting healthcare infrastructure consolidation. Recent comparable transactions include Blackstone and TPG's acquisition of diagnostics company Hologic for up to $18.3 billion and American Industrial Partners' $1.27 billion acquisition of Avanos Medical, signaling sustained institutional capital deployment into medtech contract manufacturing and related healthcare services sectors.
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