Healthcare technology firm Covidien of Dublin, Ireland, has signed a definitive agreement to acquire interventional device firm ev3 of Plymouth, MN, for $22.50 per share.
The $2.6 billion transaction is designed to expand Covidien's presence in the vascular market and advance the company's portfolio of peripheral vascular and neurovascular technologies.
ev3's line of treatment options include primary interventional technologies such as peripheral angioplasty balloons, stents, plaque excision systems, embolic protection devices, liquid embolics, embolization coils, flow diversion devices, thrombectomy catheters, and occlusion balloons.
The all-cash tender offer is expected to close by July 31. The boards of directors of both companies have unanimously approved the transaction.
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