Healthcare technology firm Covidien of Dublin, Ireland, has completed its acquisition of interventional device firm ev3 of Plymouth, MN, for $2.6 billion.
The closing of the purchase comes as Covidien acquired approximately 100.8 million shares (approximately 88% of outstanding common shares), as of July 9, from its tender offer of $22.50 per share.
The transaction is designed to expand Covidien's vascular product line in both the peripheral vascular and neurovascular markets with the addition of peripheral angioplasty balloons, stents, plaque excision systems, embolic protection devices, liquid embolics, embolization coils, catheters, and occlusion balloons.
Covidien will report ev3 results as part of its vascular products line in the Medical Devices business segment.
Related Reading
Covidien completes ev3 tender, July 12, 2010
ev3 to settle lawsuits from Covidien deal, July 9, 2010
Covidien sees short July Tc-99m supply, July 2, 2010
Suit seeks to block Covidien, ev3 deal, June 24, 2010
Covidien to buy ev3 for $2.6B, June 1, 2010
ev3 posts mixed results for 2008, February 24, 2009
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