Dublin, Ireland-based Covidien agreed to pay $22.50 per share for ev3, a 19 percent premium over the vascular device maker’s Friday closing price.
“The acquisition of ev3 will enable Covidien to significantly expand its presence in the vascular market and is in line with our strategy of becoming a leading partner with vascular surgeons, neurosurgeons, interventional cardiologists and interventional radiologists,” said Richard Meelia, CEO of Covidien.
Ev3 sells stents, angioplasty balloons, plaque removal systems and catheters to treat disease of the arteries. Covidien was spun off from Tyco International Ltd. in 2007.
Covidien said it has no plans to move any of ev3’s operations out of Minnesota, Bloomberg reported. Ev3 had 1,350 employees at the end of 2009.