4. Acquisition of On-X Life Technologies ? Overview ? On December 22, 2015 the Company entered into an Agreement and Plan of Merger to acquire On-X Life Technologies Holdings, Inc. (On-X), an Austin, Texas-based, privately held mechanical heart valve company, for approximately $130.0 million, subject to certain adjustments. The transaction closed on January 20, 2016 , and On-X is being operated as a wholly owned subsidiary of CryoLife. ? The On-X catalogue of products includes the On-X prosthetic aortic and mitral heart valves and the On-X ascending aortic prosthesis. On-X also distributes CarbonAid CO 2 diffusion catheters, manufactures Chord-X ePTFE sutures for mitral chordal replacement . On-X also generates revenue from pyrolytic carbon coating products produced for other medical device manufacturers. CryoLife believes that the On-X products fit well into its product portfolio of medical devices for cardiac surgery and that the Company is capitalizing on the significant opportunity for CryoLifes sales team to leverage their strong relationships with cardiac surgeons to introduce and to expand utilization of the On-X valves in the U.S. and internationally. ? Accounting for the Transaction ? The purchase price of the On-X transaction totaled approximately $128.2 million, consisting of cash of $93.6 million and 3,703,699 shares of CryoLife common stock, with a value of $34.6 million as determined on the date of the closing. The Company recorded an allocation of the $ 128.2 million purchase price to On-Xs tangible and identifiable intangible assets acquired and liabilities assumed, based on their estimated fair values as of January 20, 2016. Goodwill wa s recorded based on the amount by which the purchase price exceeds the fair value of the net assets acquired and is not deductible for tax purposes. Goodwill from this transaction has been allocated to the Companys Medical Devices segment. ? The purchase price allocation is as follows (in thousands): ? ? ? ? Opening ? Balance Sheet ? Cash and cash equivalents