Boston Scientific Corporation (NYSE:BSX) has entered into a definitive agreement to acquire a 63.9% stake in M.I.TECH Co.,Ltd (KOSDAQ:A179290) from Synergy Innovation Co., Ltd. (KOSDAQ:A048870) for approximately KRW 290 billion on June 15, 2022. The agreement consists of a purchase price of KRW 14,500 per share, which represents a total of KRW 291.2 billion, subject to closing adjustments. Cash received in full on the day of transaction closing.

The transaction is subject to customary closing conditions and Boston Scientific expects to complete the transaction in the second half of 2022. As of December 15, 2022, the transaction is expected to close on March 15, 2022. As of Maarch 15, 2023.

The business combination approval process is in progress in some overseas countries, and the transaction will be closed as soon as the approval process is completed and it is expected to close on June 13, 2023. The impact to GAAP and adjusted earnings per share is expected to be immaterial in 2022. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor to Boston Scientific Corporation in the transaction.