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Breaking: Medtronic puts more skin in China with $66M investment in LifeTech

Mon, 10/15/2012 - 1:02pm
Mass Device

Medtronic makes yet another move in China, ones of the fastest-growing medtech markets in the world, with a $66.2 million investment in cardiovascular devices maker LifeTech Scientific Corp.

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Medtronic (NYSE:MDT) further bolstered its footprint in China with a $66.2 million investment into LifeTech Scientific Corp., maker of medical devices for treating cardiovascular disease.

Medtronic purchased a 19% equity interest in LifeTech for about $46.6 million, adding to that a $19.6 million convertible note purchase, representing a total of a more than 26% stake in the Chinese firm.

The transaction should close in the next 60 to 90 days, pending approvals from regulators and shareholders, according to a press release.

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