Covidien completes acquisition of ev3
15 July 2010
Covidien (NYSE: COV) has announced the completion of the
acquisition of ev3 Inc. for approximately US$2.6 billion.
The transaction accelerates Covidien’s strategy of building a
world-class vascular platform addressing high-growth markets. It
positions Covidien to become a leading endovascular player, with
strong positions in both the peripheral vascular and neurovascular
markets.
The acquisition brings Covidien a comprehensive portfolio of
treatment options, 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.
Richard J. Meelia, Chairman, President and CEO said: “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. 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.”
Covidien will report ev3 as part of its Vascular Products line in
the Medical Devices business segment.