Medtronic plc (NYSE: MDT) kept up its busy acquisition pace, notching its fifth deal in 2016. The target is HeartWare International (NASDAQ: HTWR), developer and maker of miniaturized implantable heart pumps or ventricular assist devices (VAD) for the treatment of advanced heart failure. Its lead product is the HVAD® System, featuring the world’s smallest full-support ventricular assist device.

Medtronic will pay $58.00 per share in cash for all outstanding common stock in HeartWare, for a transaction value of $1.1 billion.

This acquisition will expand Medtronic’s portfolio of diagnostic tools, therapies and services for patients suffering from heart failure. The transaction is expected to meet Medtronic’s long-term financial metrics for acquisitions, and is expected to close during Medtronic’s second fiscal quarter ending Oct. 28, 2016.

Medtronic’s financial advisor on this transaction is J.P. Morgan Securities LLC, with Ropes & Gray LLP acting as legal advisor. HeartWare’s financial advisor is Perella Weinberg Partners LP, with Shearman & Sterling acting as legal advisor.