Abbott Laboratories (NYSE: ABT) will enter the new year a larger company. It anticipates closing its latest acquisition -- for device maker St. Jude Medical (NYSE: STJ) -- on Jan. 4, having received all regulatory approvals necessary to sew up the deal.

In April, Abbott agreed to buy St. Jude in a cash-and-stock transaction valued at around $25 billion at the time. St. Jude stockholders were offered $46.75 in cash and 0.8708 shares of Abbott stock for share of the company they held. At the moment, this would equate to just under $80.20 per share of St. Jude, which last closed at $80.17.

Abbott continues to tout the synergestic effects of the acquisition, asserting that owning St. Jude "is an important part of the company's ongoing effort to develop a strong, diverse portfolio of devices, diagnostics, nutritionals and branded generic pharmaceuticals."

Happily for Abbott shareholders, St. Jude is not only a complementary asset for their company, it's also a profitable one. It's been well in the black over the past few years, albeit with a more or less stagnant top line. In its most recently reported fiscal year, the company posted just over $5.54 billion in revenue and netted a profit of $880 million.

Not surprisingly, Abbott believes that the St. Jude acquisition will provide a quick boost to its bottom line. It forecast that its new asset would add roughly $0.21 per share in adjusted net profit in 2017, $0.29 the following year, and that the incremental value would continue to increase in subsequent years. And by combining operations, the two companies should save around $500 million in costs by 2020, Abbott said.

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Eric Volkman has no position in any stocks mentioned.

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