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Covidien completes ev3 acquisition

Tue, 07/13/2010 - 7:35am
Mass High Tech: The Journal of New England Technology

Health-care products maker Covidien plc has completed its buyout of ev3 Inc., a Minnesota developer of peripheral vascular and neurovascular technologies, for about $2.6 billion in cash and investments.

The acquisition, announced in June, brings ev3’s technology portfolio – including stents, peripheral angioplasty balloons, plaque excision systems and liquid embolics – to Covidien.

Covidien (NYSE: COV) bought the remaining ev3 common stock shares that were tendered and not withdrawn – 100.8 million shares, or about 87.7 percent of the company’s outstanding shares. Ev3, which is now a wholly-owned subsidiary of Covidien, will operate in the company’s vascular products line that is part of Covidien’s medical devices business segment.

Covidien is headquartered in Ireland but has its U.S. operations based in Mansfield.

When Covidien announced the ev3 deal, it also said it was selling off two business units. In those deals, Covidien announced a definitive agreement to sell its Sleep Therapy continuous positive airway pressure (CPAP) and Bi-level products to PH Invest, a privately held company located in Luxembourg, and it said it had completed the previously announced sale of its radiopharmacies in the U.S. to Triad Isotopes Inc. of Orlando, Fla.

 

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