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.