KKR Agrees to Buy Integer for $5.7 Billion at $127 a Share

Key Facts

KKR has entered a definitive agreement to acquire Integer Holdings in an all-cash take-private of the medical-device manufacturer at an enterprise value of approximately $5.7 billion. The agreement provides for $127 in cash per share, but the transaction has not yet closed.

The agreed price represents a premium of approximately 51.8% to Integer's April 29, 2026 close, the day before the company announced its strategic review, and 28.8% to its 30-day volume-weighted average price through July 31, 2026. Integer's board unanimously approved the agreement and recommended that shareholders support it.

The companies are targeting completion by the end of 2026, subject to approval by Integer shareholders and required regulatory clearances. The transaction has no financing condition; the buyers have secured commitments combining equity from KKR-managed funds with committed debt financing.

Integer is a medical-device contract development and manufacturing organization serving the cardio and vascular, cardiac rhythm management and neuromodulation markets. KKR will invest through its core private-equity strategy, making the transaction a direct bet on a supplier within the medical-technology manufacturing chain.

The agreement comes against a mixed operating backdrop at Integer. Second-quarter 2026 sales fell 2.6% to $464 million, while adjusted EBITDA declined 4% to $95 million. The company withdrew its previous financial outlook because of the pending transaction.

ITGR closed at $126.50 on September 4, 2026 after trading between $125.84 and $126.80 during the session. The close was $0.50 below the $127 cash consideration; that gap should be assessed against the closing conditions, while a single-session low should not independently be labeled technical support.

The transaction alone does not establish that healthcare led the entire private-equity market. One sector tracker recorded 112 healthcare deals in August 2026, while private-equity firms and their portfolio companies announced 40 transactions, down from 41 in July and a second-quarter monthly average of 51. The CRO and CDMO subset was comparatively active and included the Integer deal.

Investors will next focus on Integer's shareholder vote and regulatory approvals. If the transaction closes, Integer will become privately held and ITGR will be delisted from the New York Stock Exchange; until then, the shares remain listed and receipt of $127 per share depends on completing the merger by the targeted end of 2026.