KKR to acquire Medtech CDMO Integer for $5.7Bn
NEW YORK, UNITED STATES — KKR & Co. has agreed to acquire Integer Holdings Corporation for $5.7 billion in cash, taking the medical device contract developer and manufacturer private.
The $127-per-share offer represents a 51.8% premium to Integer’s stock price before the company launched a strategic review in April 2026, with the transaction expected to close by year-end.
Integer platform serves top-tier cardiac and surgical device makers
Integer is one of the largest global medical device contract development and manufacturing organizations (CDMOs), operating across the cardiovascular, neuromodulation, vascular, orthopedic, and advanced surgical markets through a global manufacturing network that includes the Greatbatch Medical and Lake Region Medical brands.
Its customer base includes Abbott, Boston Scientific, and Medtronic, positioning Integer as a critical production partner across implantable cardiac, neuromodulation, and advanced surgical device segments.
“This transaction recognizes the strength of Integer’s business and provides stockholders with immediate and certain value,” said Payman Khales, President and Chief Executive Officer (CEO) at Integer Holdings.
KKR to expand capacity and launch employee ownership after close
According to a report from Inside Arbitrage, under private ownership, Integer expects to gain the operational flexibility and sustained capital backing it needs to expand its global manufacturing network, accelerate development of next-generation component technologies, and reinforce its position with core medtech clients.
KKR has indicated it will establish employee ownership programs after completion, a structure it has applied across prior healthcare services and manufacturing portfolio companies to align workforce incentives with long-term performance.
“Integer is an exceptional platform with highly differentiated capabilities across a global manufacturing footprint,” said Max Lin, Partner at KKR.
The $5.7 billion transaction reflects private equity’s sustained appetite for specialized healthcare outsourcing platforms, where contract manufacturers holding long-term client relationships with tier-one device makers have become prime acquisition targets.
Integer launched its formal strategic review in April 2026 after its board cited strong interest from potential buyers, a process backed by activist investor Irenic Capital Management, which had built a 3% stake and previously pushed for a sale when the stock traded near $74 per share.
For the broader business process outsourcing (BPO) sector, KKR’s willingness to pay approximately 16 times EBITDA signals that outsourced manufacturing platforms with established medtech client relationships command significant valuation premiums.
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