Key Takeaways
- • KKR is acquiring Integer Holdings, a medical device contract development and manufacturing organization based in Plano, TX, for $5.7 billion in an all-cash transaction that will take the company private.
- • Integer shareholders will receive $127 per share in cash, representing a 51.8% premium to the company's closing price on April 29, 2026 (the day before the strategic review announcement) and a 28.8% premium to the 30-day volume-weighted average price as of July 31, 2026.
- • The transaction is expected to close by year-end 2026 and represents KKR's expansion into the healthcare sector, leveraging the firm's stated expertise and long-term strategic vision in medtech.
- • Integer's CEO Payman Khales cited KKR's deep healthcare expertise and growth orientation as rationale for the partnership, emphasizing the deal provides immediate and certain value to stockholders while positioning the business for continued investment in capabilities and customer delivery.
- • The acquisition reflects ongoing private equity consolidation in the medical device sector, following comparable transactions including Blackstone and TPG's $18.3 billion acquisition of Hologic, which closed in April 2026.
Summary
KKR has agreed to acquire Integer Holdings Corporation, a medical device contract development and manufacturing organization headquartered in Plano, Texas, in a transaction valued at approximately $5.7 billion. The all-cash deal will result in Integer becoming a privately held company, with its shares delisted from the New York Stock Exchange. The acquisition is expected to close by the end of 2026.
Under the terms of the agreement, Integer stockholders will receive $127 per share in cash. This represents a significant premium to recent trading levels: approximately 51.8% above Integer's closing share price on April 29, 2026—the date immediately preceding the company's announcement of a strategic review—and 28.8% above the 30-day volume-weighted average price as of July 31, 2026. These multiples underscore the valuation uplift KKR is willing to pay to acquire the company's operations and capabilities.
Payman Khales, Integer's President and Chief Executive Officer, endorsed the transaction in a statement, characterizing it as recognition of the company's operational strengths and growth potential. Khales highlighted Integer's "dedicated engineering and manufacturing capabilities" and "long-term growth opportunities" as core assets, while emphasizing that KKR's "deep healthcare expertise, long-term vision, and strategic growth orientation" position the private equity firm as the appropriate steward for Integer's next phase of development. The CEO noted that the transaction provides stockholders with "immediate and certain value" while enabling continued investment in workforce capabilities and customer delivery.
The Integer acquisition exemplifies the broader trend of private equity firms consolidating ownership of medical device and diagnostic companies. Most notably, Blackstone and TPG announced plans in late 2025 to acquire Hologic, a larger medtech player, for $18.3 billion; that transaction closed in April 2026. The convergence of these large-scale takedown transactions reflects strong private equity conviction regarding the strategic value and operational leverage embedded within the medical device manufacturing sector, particularly within contract development and manufacturing operations that serve established device makers and diagnostics companies.
Under the terms of the agreement, Integer stockholders will receive $127 per share in cash. This represents a significant premium to recent trading levels: approximately 51.8% above Integer's closing share price on April 29, 2026—the date immediately preceding the company's announcement of a strategic review—and 28.8% above the 30-day volume-weighted average price as of July 31, 2026. These multiples underscore the valuation uplift KKR is willing to pay to acquire the company's operations and capabilities.
Payman Khales, Integer's President and Chief Executive Officer, endorsed the transaction in a statement, characterizing it as recognition of the company's operational strengths and growth potential. Khales highlighted Integer's "dedicated engineering and manufacturing capabilities" and "long-term growth opportunities" as core assets, while emphasizing that KKR's "deep healthcare expertise, long-term vision, and strategic growth orientation" position the private equity firm as the appropriate steward for Integer's next phase of development. The CEO noted that the transaction provides stockholders with "immediate and certain value" while enabling continued investment in workforce capabilities and customer delivery.
The Integer acquisition exemplifies the broader trend of private equity firms consolidating ownership of medical device and diagnostic companies. Most notably, Blackstone and TPG announced plans in late 2025 to acquire Hologic, a larger medtech player, for $18.3 billion; that transaction closed in April 2026. The convergence of these large-scale takedown transactions reflects strong private equity conviction regarding the strategic value and operational leverage embedded within the medical device manufacturing sector, particularly within contract development and manufacturing operations that serve established device makers and diagnostics companies.
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