The Federal Trade Commission concluded its investigation of Resonetics’ planned $900 million acquisition of SAES Getters’ medical nitinol business, the companies announced Wednesday.
Menlo Park, California-based Resonetics, which specializes in engineering and manufacturing for medical device products, set out plans in January to buy Memry Corp. and SAES Smart Materials from Italy-based parent company SAES Getters. SAES did not specify whether the FTC will require additional terms for the acquisition to go through.
The purchase would give Resonetics a leading supplier of nitinol for the medical device industry, Resonetics CEO Tom Burns said in a January statement. Nitinol is a metal alloy with unique shape memory and elastic properties. It’s used in structural heart, peripheral vascular, electrophysiology, neurovascular and orthopedics procedures, Burns said.
The companies received a second request for information from the FTC in March, under the Hart-Scott-Rodino Antitrust Improvements Act. In 2022, SAES Getters’ medical nitinol business reported revenues of 121.97 million euros, a 26% year-over-year increase excluding the effect of foreign exchange rates.
SAES said the companies will clarify in the next few days when they expect the transaction to close.