The offer is $127 a share in cash, a 51.8% premium to where Integer Holdings closed on 29 April 2026, the session before the company disclosed it was reviewing strategic alternatives. KKR and Integer Holdings have now signed a definitive agreement at that price, valuing the company at roughly $5.7bn. A process that began in April, with management and external advisers weighing several paths, produced one winner.
What the premium buys
A second benchmark anchors the price differently. The offer represents a 28.8% premium to Integer's 30-day volume-weighted average price as of 31 July 2026. That figure matters because volume-weighted averages smooth out noise and reflect what buyers in the market were actually willing to pay across an extended window. Both data points land in the same direction: either the public market was undervaluing Integer, or KKR is paying up for a growth story it believes in.
Integer's board voted unanimously to recommend the deal. President and CEO Payman Khales described the transaction as one that delivers "immediate and certain value" to stockholders while giving the company a partner with, in his framing, deep healthcare expertise and a long-term growth orientation.
The structure after close
Upon completion, Integer will be delisted from the New York Stock Exchange and operate as a privately held company. KKR has signaled plans to establish an employee ownership scheme, a structure it has used across other portfolio companies. That detail matters for optics but does not change the economics for current public shareholders: at $127, they exit.
The transaction requires both shareholder and regulatory approvals. Completion is expected before the end of 2026.
The counterargument
The counterargument is worth naming. Shareholders who tender here forfeit any claim on what Integer could produce as an independent company or under a different structure. Khales explicitly cited "long-term growth opportunities" as part of the appeal for KKR, which is another way of saying there is upside ahead that current shareholders will not participate in. A buyer citing future growth is projecting a value above the price it is paying today.
On balance
On balance, a unanimous board recommendation after a review that considered several alternatives is a hard data point to argue against. The line to watch, before the shareholder vote, is whether a competing bid emerges. $127 is where the process landed. Whether it is also the ceiling becomes clear only if someone tests it.