Medtronic Inc., the world's largest medical device maker, said Thursday it plans to acquire two small companies that specialize in energy-based surgical tools used to minimize bleeding.
The company said it will acquire Salient Surgical Technologies, which uses radiofrequency energy and saline to seal soft tissue during various surgical procedures. Medtronic already owns a stake in the Portsmouth, N.H., company and said it would spend an additional $480 million to acquire Salient. The company has annual revenue of $100 million.
Medtronic also acquired Peak Surgical for about $105 million, excluding the value of its existing stake in Peak. The company's PlasmaBlade line of cutting tools combines a scalpel with thermal energy technology to control bleeding. Peak is based in Palo Alto, Calif.
Medtronic has been working to diversify its product offerings amid sluggish sales of its best-selling devices, implantable heart devices and spinal repair implants.
In midday trading, Medtronic shares added 15 cents to $38.23.