KKR has agreed to acquire Integer Holdings Corporation, a major U.S. medical-device manufacturing company, in a transaction valued at approximately $5.7 billion. Under the agreement, shareholders will receive $127 in cash for each Integer share, giving them a significant premium over the company’s recent trading price.
The acquisition will take Integer private if completed. For KKR, the deal provides an opportunity to invest in an established healthcare and medical-device manufacturing platform with strong customer relationships, engineering capabilities and a global manufacturing network.
Deal Snapshot
| Deal Detail | Information |
| Acquirer | KKR |
| Target Company | Integer Holdings Corporation |
| Target Ticker | NYSE: ITGR |
| Deal Type | Full Company Acquisition / Take-Private |
| Transaction Value | Approximately $5.7 billion |
| Offer Price | $127 per share in cash |
| Announcement Date | August 3, 2026 |
| Agreement Date | August 2, 2026 |
| Target Industry | Medical Devices / Healthcare CDMO |
| Acquirer Country | United States |
| Target Country | United States |
| Target Status | Publicly Listed Company |
| Post-Deal Status | Expected to become privately held |
| Expected Closing | By the end of 2026, subject to conditions |
| Shareholder Vote | Scheduled for October 21, 2026 |
| HSR Review | Early termination received |
| Offer Premium | About 51.8% to April 29 closing price |
Integer Holdings Company Introduction
Integer Holdings Corporation is a U.S.-based medical-device manufacturing and development company headquartered in Plano, Texas.
The company works with medical-device manufacturers and healthcare companies to develop and manufacture products and components used in areas such as cardiovascular devices, neuromodulation and cardiac rhythm management.
Integer is not simply a traditional medical-device company that sells products directly to consumers. Instead, it plays an important role in the medical-device supply chain by providing engineering, development and manufacturing capabilities to other healthcare and medical-device companies.
The company operates globally, with manufacturing and business operations across the United States, Mexico, Ireland, the Dominican Republic, Uruguay, Malaysia and other locations.
Integer had approximately 11,000 employees at the end of 2025.
KKR Company Introduction
KKR & Co. Inc. is a global investment firm that invests across areas including private equity, credit, infrastructure and real assets.
Its private-equity business invests in companies where it sees opportunities for long-term growth, operational improvement and value creation.
Healthcare is one of KKR’s important investment areas. The firm’s healthcare investment activities cover areas such as medical devices, healthcare services, life-science tools and diagnostics, and healthcare technology.
The Integer Holdings transaction therefore fits into KKR’s broader strategy of investing in established businesses with long-term growth opportunities.
KKR Agrees to Acquire Integer Holdings
On August 3, 2026, KKR and Integer Holdings announced that they had entered into a definitive merger agreement.
Under the agreement, an affiliate of investment funds managed by KKR will acquire all outstanding shares of Integer Holdings.
The transaction has an enterprise value of approximately $5.7 billion.
Integer shareholders will receive $127 in cash for each share they own.
Because KKR is acquiring the entire company, this is not simply a minority investment or a partial stake purchase. It is a full-company acquisition through a merger, with the goal of taking Integer private.
Why Is KKR Paying $127 Per Share?
The $127-per-share offer represents a significant premium for Integer shareholders.
According to Integer, the offer represented approximately:
- 51.8% premium to Integer’s closing share price on April 29, 2026.
- 28.8% premium to the company’s 30-day volume-weighted average price as of July 31, 2026.
A premium is important in an acquisition because shareholders are being offered a price higher than the market value at the relevant reference date.
For Integer investors, the transaction therefore provides an opportunity to receive a substantial cash premium rather than continuing to hold shares in the company as a public business.
Integer’s Recent Financial Performance
Integer’s financial performance is one of the reasons the company may be attractive to a long-term private-equity investor.
In 2025, Integer reported approximately:
| Financial Metric | 2025 Result |
| Sales | $1.854 billion |
| Sales Growth | 8% |
| Adjusted Operating Income | $321 million |
| Adjusted EBITDA | $402 million |
| Adjusted EPS | $6.40 |
| Operating Cash Flow | $196 million |
The company also reported growth in adjusted EBITDA during 2025.
Its Cardio & Vascular business was its largest segment, generating approximately $1.1 billion in sales.
This financial profile is important because KKR is acquiring an established and profitable healthcare manufacturing business rather than a company that is still waiting to develop its commercial model.
Why Did KKR Choose Integer Holdings?
There are several reasons why Integer may be attractive to KKR.
1. Strong Exposure to Healthcare
Healthcare and medical devices are long-term industries supported by factors such as an aging population, increasing demand for medical procedures and continued development of new medical technologies.
Integer gives KKR exposure to this market through a company already operating at scale.
2. Specialized Manufacturing Capabilities
Integer has engineering and manufacturing capabilities that can be difficult for new competitors to replicate.
Medical-device manufacturing requires strict quality control, technical expertise and compliance with regulatory requirements.
This creates barriers to entry and can make established suppliers more valuable to medical-device manufacturers.
3. Long-Term Customer Relationships
Integer works with major medical-device companies and participates in the development and manufacturing of products used in healthcare.
Once a supplier becomes integrated into a customer’s product development and manufacturing process, replacing that supplier can be complicated and time-consuming.
This can provide a more stable business relationship.
4. Global Manufacturing Network
Integer has manufacturing operations across multiple countries.
Its international footprint gives the company access to different manufacturing locations and allows it to support customers operating across global markets.
KKR highlighted Integer’s global manufacturing footprint and engineering capabilities as important strengths of the company.
Integer Had Already Started a Strategic Review
An important part of the story is that Integer was already reviewing strategic alternatives before the KKR agreement was announced.
In April 2026, Integer announced that its Board of Directors had started a strategic review to explore ways to maximize shareholder value.
The review considered different possibilities, including:
- A potential sale of the company
- A merger
- A strategic business combination
- Continuing as an independent public company
This means the KKR transaction did not suddenly appear without a broader strategic process.
The Board evaluated different alternatives before deciding that the KKR transaction provided an attractive outcome for shareholders.
KKR Was Not the Only Interested Buyer
The acquisition process also involved another potential buyer.
According to Integer’s SEC proxy materials, another party was involved in the strategic review process alongside KKR.
On July 30, 2026, both parties submitted their best-and-final offers.
The offers were approximately:
| Potential Buyer | Final Offer |
| Party B | $126 per share |
| KKR | $127 per share |
KKR’s final offer was therefore $1 per share higher than the other final proposal.
Following the process, Integer’s Board decided to enter into an exclusivity arrangement with KKR.
This is an important point because it indicates that KKR’s $127 offer came after a competitive acquisition process rather than simply being an unsolicited offer.
Is This a Full Acquisition or a Stake Acquisition?
For M&A classification, this transaction should be treated as a full company acquisition. KKR is acquiring all outstanding shares of Integer Holdings through a merger.
Therefore, it is different from:
Minority Stake Acquisition:
KKR is not simply purchasing a small percentage of Integer while leaving the existing public ownership structure in place.
Asset/IP Acquisition:
KKR is not purchasing only a particular patent, technology, factory or other individual asset.
Business Acquisition:
The transaction involves the acquisition of the entire company and its operations.
The most appropriate classification would therefore be:
Full Company Acquisition / Take-Private Transaction
What Happens to Integer After the Deal?
If the transaction is completed, Integer Holdings will no longer operate as a publicly traded company. Currently, Integer’s shares trade on the New York Stock Exchange under the ticker ITGR.
After completion of the merger, the public shares will no longer be listed on the NYSE and Integer will become a privately held company backed by KKR.
This is commonly called a take-private transaction.
For public shareholders, the transaction effectively provides a cash exit from their investment.
What Could KKR Do With Integer?
KKR has not announced every specific operational change it intends to make after the acquisition.
However, the investment case suggests several potential areas of focus.
KKR could support Integer through additional investment in:
- Manufacturing capacity
- Engineering capabilities
- Technology
- Innovation
- Employee development
- Customer support
- New product opportunities
- Expansion into growing medical-device markets
KKR has also indicated that it intends to establish a broad-based employee ownership and engagement program at Integer.
The objective would be to provide Integer with additional resources for long-term growth while maintaining its position as a major medical-device manufacturing partner.
Current Deal Status
The acquisition has not yet been completed. One important regulatory step has already been completed.
On September 30, 2026, Integer announced that it had received early termination of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act.
This means the applicable HSR waiting period was terminated early, removing one regulatory condition from the transaction.
However, other closing conditions still need to be satisfied. The next major event is the shareholder vote.
Integer has scheduled a special meeting of shareholders for:
October 21, 2026
Shareholders will vote on the proposed merger. Integer’s Board of Directors has unanimously recommended that shareholders vote in favor of the transaction. The companies currently expect the transaction to close by the end of 2026, assuming the remaining conditions are satisfied.
What Does the Deal Mean for Integer Shareholders?
For shareholders, the main attraction is the guaranteed cash consideration if the transaction closes.
Each eligible share is expected to receive:
$127 in cash
This provides shareholders with a clear exit value and removes their exposure to the future share-price performance of Integer as a public company.
However, shareholders will also give up the opportunity to participate in any future upside that Integer could generate as an independent company.
Therefore, the decision effectively comes down to accepting the current premium cash value versus remaining invested in Integer’s future as an independent business.
Integer’s Board has determined that the KKR transaction provides an attractive value proposition for shareholders.
Potential Benefits for KKR
From an investment perspective, the acquisition gives KKR several potential advantages.
First, KKR gets exposure to a large and established healthcare manufacturing company.
Second, Integer already has significant revenue and profitability.
Third, the company has specialized engineering and manufacturing capabilities that can create barriers to entry.
Fourth, Integer operates in medical-device markets where long-term demand can support growth.
Finally, KKR may have opportunities to improve operational efficiency, expand manufacturing capacity and invest further in the company’s technology and capabilities.
Key Risks to Watch
Although the deal offers potential benefits, there are also risks.
Regulatory and Closing Risk
The HSR waiting period has been terminated, but shareholder approval and other closing conditions remain.
Until all conditions are satisfied, the acquisition cannot be considered complete.
Healthcare Regulatory Risk
Integer operates in a highly regulated medical-device industry.
Product quality, regulatory compliance and manufacturing standards are critical to the company’s operations.
Customer Risk
Integer’s business depends on relationships with major medical-device customers.
Changes in customer programs, demand or supplier relationships could affect future revenue.
Debt and Financing Risk
The transaction includes committed debt financing.
After the acquisition, the company’s capital structure and ability to manage its debt will be important factors for KKR and Integer.
Operational Risk
Integer has a large global workforce and manufacturing network.
Maintaining operational efficiency while investing in growth will be important after the acquisition.
Overall, the transaction shows how private-equity firms such as KKR continue to look at established healthcare and medical-device businesses where specialized technology, manufacturing capabilities and long-term customer relationships can create opportunities for further growth and value creation.
Sources: Integer news, sec file
