KKR to Acquire Integer Holdings for $5.7B in Cash at $127/Share; Q2 Results Mixed
ITGR sits 98% above its 52-week low of $62 on elevated volume (4.9× avg).
Summary
KKR will acquire Integer Holdings for $127 per share in cash, a $5.7 billion deal. Q2 results showed mixed performance with adjusted EPS up 3% but GAAP earnings down sharply. The company withdrew guidance and canceled its earnings call.
Updates
· SEC 8-K — Merger agreement sets $154M company termination fee and $307M parent termination fee, with outside date of May 2, 2027. Equity awards convert to cash: RSUs and PSUs paid 50% at closing, 50% subject to vesting; options cash out if in-the-money.
Key Events · M&A and Partnerships · ITGR
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KKR Acquisition at $127/Share
KKR will acquire all outstanding shares for $127 per share in cash, valuing Integer at an enterprise value of $5.7 billion. The price represents a 3% premium to today's close and a 105% premium to the 52-week low.
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Q2 2026 Revenue Declines 2.6%
Sales fell to $464 million, driven by a 2.5% organic decline in Cardio & Vascular and the Portable Medical exit. Adjusted EPS of $1.60 beat expectations slightly, but GAAP EPS of $0.69 missed due to restructuring and impairment charges.
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Guidance Withdrawn, Call Canceled
Due to the pending acquisition, Integer withdrew its previously issued financial outlook and will not host its scheduled August 6 earnings conference call.
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Deal Expected to Close in 2026
The transaction is subject to shareholder and regulatory approvals and is expected to close later this year. No financing conditions were disclosed.
Analysis · ITGR · Industrial Applications And Services
Integer Holdings announced a definitive agreement to be acquired by KKR for $127 per share in cash, a 3% premium to today's price and a 105% premium to the 52-week low. The $5.7 billion enterprise value deal will take the medical device manufacturer private. Simultaneously, Integer reported Q2 2026 results: sales fell 2.6% to $464 million, GAAP EPS dropped 34% to $0.69, but adjusted EPS rose 3% to $1.60. The company withdrew its financial outlook and canceled its earnings call, citing the pending transaction. This is a thesis-altering event — the company will cease to be publicly traded, and the acquisition price sets a floor for the stock.
At the time of this filing, ITGR was trading at $123.02 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $62.00 to $123.50. This filing was assessed with positive market sentiment and an importance score of 10 out of 10.