Boston Closes Guidant Deal

The wait is over.
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Boston Scientific

(BSX) - Get Report

has finally completed its acquisition of

Guidant

(GDT)

, creating one of the largest medical-technology companies in the world.

Jim Tobin, Boston's president and CEO, said the new version of his company will be broadly diversified, and, he says, "command a market valuation closer to our peers and generate significant upside potential for our stockholders."

Guidant initially agreed to be acquired by health care giant

Johnson & Johnson

(JNJ) - Get Report

before Boston Scientific

jumped into the picture. After a drawn-out battle between the suitors, the Natick, Mass., company lured the device maker away with a deal that was

hard to refuse.

Shareholders

overwhelmingly approved the merger, and on Thursday the

Federal Trade Commission cleared the deal.

Friday is the last day Guidant's common stock will trade. The company's stockholders should receive information on exchanging their shares within the next few weeks, Boston Scientific says.

As a part of the merger agreement, Boston also closed the deal with

Abbott

(ABT) - Get Report

, in which the drug and device company is buying Guidant's vascular intervention and endovascular businesses.

Boston Scientific shares were up 1% to $22.48, and Abbott shares tacked on 0.1% to $41.96.