Feb 26 (Reuters) - Medical device maker Cyberonics Inc plans to buy Italian medical device company Sorin SpA in an all-stock deal to create a new company with a combined equity of $2.7 billion.

The new company, in which Cyberonics will hold a 54 percent stake, will be domiciled in the UK and will apply for dual-listing on the Nasdaq and the London Stock Exchange, the companies said in a statement.

Cyberonics shareholders will receive one share of the new company for every share held, while Sorin shareholders will receive a fixed ratio of 0.0472 share of the new company for each Sorin share they own.

The exchange ratio implies Sorin's per-share valuation at a premium of 14.2 percent to its closing share price on Feb. 25, the companies said.

Cyberonics shares will cease trading on the Nasdaq and Sorin shares will stop trading on the Borsa Italiana.

(Reporting by Supriya Kurane in Bengaluru; Editing by Gopakumar Warrier)