US healthcare products and medical device maker Covidien is to buy Israel-based Oridion Systems for about $300 million in cash, writes Reuters. Covidien will pay $23 per Oridion share.
Reuters – U.S. healthcare products and medical device maker Covidien (COV.N) said it would buy Israel-based Oridion Systems (ORIDN.S) for about $300 million in cash.
As per the deal, a wholly owned subsidiary of Covidien will pay $23 per Oridion share and the company said the deal is not expected to have a material impact on its fiscal 2012 sales.
“Oridion’s products are excellent complements to the company’s current portfolio of pulse oximeters and monitoring products,” Robert White, president, Covidien’s Respiratory & Monitoring Systems, said in a statement.
Covidien will report the Oridion systems business as part of its oximetry & monitoring product line.
The companies expect to complete the deal in the second calendar quarter of 2012.
(Reporting by Sakthi Prasad; Editing by Matt Driskill)