Medtronic plc (NYSE: MDT) said it will buy HeartWare International Inc. (Nasdaq: HTWR) for about $1.1 billion, gaining technology to treat heart-failure patients.

Medtronic will pay $58 a share, almost double HeartWare’s June 24 closing price of $29.98, the company said Monday in a statement. The boards of both companies have unanimously approved the transaction, which is expected to close during Medtronic’s second fiscal quarter ending Oct. 28.

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