Weight Loss Device Maker Nears Deal with Medtronic Ex-CEO’s SPAC

Weight loss device maker Allurion Technologies Inc. is nearing a deal to go public through a merger with a blank-check company backed by former Medtronic PlcChairman and Chief Executive Officer Omar Ishrak, according to people familiar with the matter.

The merger with Compute Health Acquisition Corp. is expected to value the combined company at about $500 million including debt, said the people who asked not to be identified discussing confidential information.

The special purpose acquisition company, or SPAC, is led by Ishrak, hedge fund manager Joshua Fink, who is the son of BlackRock Inc.’s Larry Fink, ...