The deal, which received all regulatory clearances, was first announced in April 2016.

Based in St. Paul of Minnesota, St. Jude Medical has five product segments such as heart failure, atrial fibrillation, neuromodulation, traditional cardiac rhythm management and cardiovascular.

The combined company will provide multiple products, including EnSite Precision next-generation cardiac mapping system, ConfirmRx implantable cardiac monitor and Portico transcatheter aortic heart valves.

It will also offer products such as Absorb bioresorbable coronary stent, MitraClip transcatheter mitral-valve repair device, Proclaim DRG system and other stimulation waveform technologies.

According to Abbott, the acquisition is part of the firm’s ongoing effort to develop a strong and diverse portfolio of devices, diagnostics, nutritionals and branded generic pharmaceuticals

Abbott chairman and CEO Miles White said: "We continue to deliberately shape our business for long-term success by securing leadership positions in attractive markets and focusing on customer needs.

“This philosophy has served as the foundation for significant and sustainable value creation for our shareholders.

“The addition of St. Jude Medical creates one of the broadest medical device portfolios in the world and provides a steady stream of new technologies and therapies for many years to come."

In December, Abbott also filed a complaint to terminate the $5.8bn deal to acquire diagnostics device and services provider Alere.

After signing the deal in January 2016, Alere faced a series of damaging business developments such as government rejecting the billing privileges of a substantial Alere division and permanent recall of an important product platform.

Image: St. Jude Medical global headquarters. Photo: courtesy of St. Jude Medical, Inc.