Abbott Labs is buying St. Jude Medical for $25 billion

Abbott Laboratories is buying St. Jude Medical for $25 billion.

St. Jude Medical shareholders will receive $46.75 in cash and 0.8708 shares of Abbott common stock, representing about $85 per share.

“St. Jude Medical’s strong positions in heart failure devices, atrial fibrillation and cardiac rhythm management complement Abbott’s leading positions in coronary intervention and transcatheter mitral repair,” the statement Thursday said.

“Together, the company will compete in nearly every area of the cardiovascular market and hold the No. 1 or 2 positions across large and high-growth cardiovascular device markets.”

More to come …

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