Sorin and Cyberonics have unveiled LivaNova as the name of their combined company, effective at the close of their proposed merger.
The name was chosen through a market research process which included participation from employees of both companies worldwide, producing several thousand proposed names. A company press release states that LivaNova “embodies the spirit that will infuse the new company and evokes the essence of what makes the combination unique.”
“LivaNova combines a derivation of the English word life with the Latin word for new, embodying our core mission of extending and enhancing life for patients,” said Andre-Michel Ballester, Sorin’s chief executive officer and designated chief executive officer of LivaNova.
“LivaNova will be at the forefront of technological innovation in more than 100 countries, so it is important that the combined company’s name effectively communicates our vision to extend and enhance people’s lives with cutting-edge medical technology,” said Dan Moore, Cyberonics’ chief executive officer and designated chairman of LivaNova.
LivaNova will operate as three business units: Cardiac Surgery, Cardiac Rhythm Management and Neuromodulation, with operating headquarters in Mirandola, Italy, Clamart, France and Houston, USA, respectively. The company will have a presence in over 100 countries with approximately 4,500 employees.
Until the closing of the transaction, both companies will continue to operate separately under their current brand names and leadership structures. The transaction is expected to be completed by the end of the third calendar quarter of 2015 and is subject to approval by Cyberonics’ stockholders, the receipt of required regulatory clearances, and other customary closing conditions. The cross-border merger of Sorin with and into Livanova plc (formerly Sand Holdco), the new company that was formed to acquire both Cyberonics and Sorin as part of the proposed merger, was approved by Sorin’s shareholders at its shareholders’ meeting held in May.