Covidien to buy Vnus Medical for $440M
Covidien AG has agreed to acquire Vnus Medical Technologies Inc. for about $440 million, the companies announced.
San Jose-based Vnus (NASDAQ:VNUS) focuses on devices for minimally invasive treatment of venous reflux disease.
Covidien (NYSE:COV) will pay $29 per share for Vnus stock, which closed the day Thursday at $21.32.
Boards of directors for both companies have approved the deal, which is expected to be completed by June 30.
“The acquisition of Vnus will allow Covidien to expand its presence in the vascular market and is in line with our strategy of becoming a leading partner with vascular surgeons and interventional radiologists,” said Joe Almeida, president, Medical Devices, Covidien.
Staffing and other details were not disclosed.
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