Private equity firm KKR is reportedly in late-stage talks to acquire medical device maker Integer Holdings for over $4bn. The deal values Integer at $125-$130 per share, potentially reaching $4.4bn. This move represents a significant win for activist hedge fund Irenic Capital Management, founded by Adam Katz, which had previously pushed for a sale of Integer.

Irenic, which holds a 3% stake in Integer, successfully advocated for a strategic review of the company's options, including a sale. Integer, a manufacturer of medical devices such as cardiac pacemakers and diabetes monitoring equipment, has faced recent challenges, including a significant stock price drop last October after slashing earnings projections. However, its shares have since recovered substantially.

The potential acquisition by KKR comes amid a broader increase in healthcare dealmaking, with other notable transactions including Masimo's $9.9bn sale to Danaher and Bio-Techne's $11.3bn sale to Merck KGaA.