Medtronic said it would buy HeartWare International for about $1.1 billion, bulking up its portfolio of devices aimed at treating heart diseases.
The $58-per-share cash offer represents a premium of 93.5% to HeartWare’s Friday close of $29.98.
HeartWare’s (HTWR) shares jumped to $57.3 in premarket trading Monday, while Medtronic’s (MDT) shares were down 2.4%.
HeartWare’s flagship product, the HVAD System, is placed in the body through a less-invasive surgical procedure and assists with blood flow when the heart is unable to pump blood efficiently.
Get Data Sheet, Fortune’s technology newsletter.
Medtronic has been investing in medical technology companies that make less-invasive surgical devices.
Last month Medtronic bought a stake in Mazor Robotics, a tiny Israeli robotics company, and acquired Smith & Nephew (SNN) gynecology unit.
The HeartWare acquisition is expected to close during Medtronic’s second fiscal quarter ending Oct. 28.