Global healthcare products provider Covidien (Dublin) has announced that they have signed a definitive merger agreement with Plymouth, Minn.-based ev3 Inc., under which Covidien will acquire all of the outstanding shares of ev3 Inc. for $22.50 per share in cash, for a total of $2.6 billion net of cash acquired.
The transaction is subject to customary closing conditions, and is expected to be completed by July 31, 2010. The Boards of Directors of both companies have unanimously approved the transaction.
Ev3 Inc. is a developer of peripheral vascular and neurovascular treatment technologies, including the primary interventional technologies used today: peripheral angioplasty balloons, stents, plaque excision systems, embolic protection devices, liquid embolics, embolization coils, flow diversion, thrombectomy catheters and occlusion balloons.
"With its broad product portfolio, clinical expertise and call-point synergies with our existing vascular franchise, ev3 will be an important addition to our innovative vascular intervention products,” said Richard J. Meelia, Chairman, President and CEO of Covidien.