With only four deals announced in January, it seemed as if M&A in the medical devices sector was drying up. Not quite, as 11 announcements surfaced in February. The largest came last week, as Sorin SpA (MIL: SRN) agreed to merge with Houston-based Cyberonics Inc. (NASDAQ: CYBX). The all-stock transaction produces a combined equity value of approximately $2.7 billion.

If all goes according to plan, Cyberonics shareholders will own 54% of the new company upon closing, which translates to a purchase price of about $1.24 billion. The new company, still to be named, combines two global leaders in cardiac surgery and neuromodulation, and will be a major player in cardiac rhythm management, especially in Europe and Japan. For more on cross-border M&A, be sure to check out our webinar on March 12, Cross-Border M&A: Opportunities and Issues.