AtriCure inks deal to acquire nContact for nearly $150 million

AtriCure (Nasdaq: ATRC), a US innovator in treatments for atrial fibrillation (Afib) and left atrial appendage management, has entered into a definitive agreement to acquire nContact, a North Carolina, privately held developer of innovative cardiac ablation solutions.

The transaction consideration consists of an upfront payment of approximately 3.7 million shares of AtriCure common stock, valued at $24.60 per share (around $91 million), and about $8 million in cash, subject to closing adjustments. The transaction also includes up to $50 million in additional contingent consideration based on completion of enrollment of the CONVERGE IDE trial and pre-market approval. Additionally, nContact shareholders are entitled to additional sales-based contingent consideration on revenue in excess of an annual growth rate of greater than 25% through 2019. All contingent consideration can be paid in either cash or AtriCure common stock, or a combination of both.

Strengthens presence in Afib market