Greatbatch, an OEM that develops cardiac, neuromodulation, vascular, and orthopedic medical devices, has signed a $1.7 billion deal to acquire Lake Region Medical, a maker of products for the cardio, vascular, and advanced surgical markets. According to an announcement, the agreement will create one of the largest medical device OEM suppliers in the world serving the cardiac, neuromodulation, vascular, orthopedic, and advanced surgical markets.

As part of the transaction, Greatbatch will pay approximately $478 million in cash and assume approximately $1 billion of Lake Region Medical net debt. The company will also issue 5.1 million shares of stock and options to Lake Region Medical’s equity holders. Following the close of the deal, the new combined company will employ more than 9,000 people worldwide and take in annual revenue of approximately $1.5 billion.

Lake Region Medical’s offerings include devices in electrophysiology, vascular access, cardiovascular, urology, oncology, orthopaedics, laparoscopy, biopsy and drug delivery, and arthroscopy. The company also provides fully integrated outsourced manufacturing and engineering services, contract manufacturing, finished device assembly, original device development, and supply chain management services.

“The combination of Greatbatch and Lake Region Medical brings together two highly complementary organizations that can provide a new level of industry leading capabilities and services to OEM customers while building value for shareholders,” said Greatbatch president and CEO Thomas Hook.