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Cardinal Health to buy Medtronic units for $6.1 billion

Reuters 

- U.S. drug distributor Inc said on Tuesday it would buy medical device maker Plc's medical supplies businesses for $6.1 billion in

is acquiring Medtronic's patient care, deep vein thrombosis and nutritional insufficiency units.

The businesses encompass 23 product categories across multiple market settings, including brands such as Curity, Kendall, Dover, Argyle and Kangaroo.

Combined, the units generated about $2.4 billion in revenue in the last four reported quarters, said.

Health's medical products has been a bright spot and is on track to reach mid- to high-single-digit revenue growth, at a time when investors have become more anxious about its drug distribution business, the company told earlier this month.

In 2015, acquired Cordis from Johnson & Johnson for around $2 billion, adding a portfolio of devices, including catheters, filters and stents.

said it would finance the acquisition with and $4.5 billion in new debt.

Medtronic's financial advisers are Piper Jaffray and J.P. Morgan Securities LLC and legal advisers are Wachtell, Lipton, Rosen & Katz and Baker McKenzie.

Goldman, Sachs & Co and Perella Weinberg Partners LP provided financial advice to and its legal advisers are Skadden, Arps, Slate, Meagher & Flom LLP and Jones Day.

(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sriraj Kalluvila and Martina D'Couto)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Cardinal Health to buy Medtronic units for $6.1 billion

REUTERS - U.S. drug distributor Cardinal Health Inc said on Tuesday it would buy medical device maker Medtronic Plc's medical supplies businesses for $6.1 billion in cash.

- U.S. drug distributor Inc said on Tuesday it would buy medical device maker Plc's medical supplies businesses for $6.1 billion in

is acquiring Medtronic's patient care, deep vein thrombosis and nutritional insufficiency units.

The businesses encompass 23 product categories across multiple market settings, including brands such as Curity, Kendall, Dover, Argyle and Kangaroo.

Combined, the units generated about $2.4 billion in revenue in the last four reported quarters, said.

Health's medical products has been a bright spot and is on track to reach mid- to high-single-digit revenue growth, at a time when investors have become more anxious about its drug distribution business, the company told earlier this month.

In 2015, acquired Cordis from Johnson & Johnson for around $2 billion, adding a portfolio of devices, including catheters, filters and stents.

said it would finance the acquisition with and $4.5 billion in new debt.

Medtronic's financial advisers are Piper Jaffray and J.P. Morgan Securities LLC and legal advisers are Wachtell, Lipton, Rosen & Katz and Baker McKenzie.

Goldman, Sachs & Co and Perella Weinberg Partners LP provided financial advice to and its legal advisers are Skadden, Arps, Slate, Meagher & Flom LLP and Jones Day.

(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sriraj Kalluvila and Martina D'Couto)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Cardinal Health to buy Medtronic units for $6.1 billion

- U.S. drug distributor Inc said on Tuesday it would buy medical device maker Plc's medical supplies businesses for $6.1 billion in

is acquiring Medtronic's patient care, deep vein thrombosis and nutritional insufficiency units.

The businesses encompass 23 product categories across multiple market settings, including brands such as Curity, Kendall, Dover, Argyle and Kangaroo.

Combined, the units generated about $2.4 billion in revenue in the last four reported quarters, said.

Health's medical products has been a bright spot and is on track to reach mid- to high-single-digit revenue growth, at a time when investors have become more anxious about its drug distribution business, the company told earlier this month.

In 2015, acquired Cordis from Johnson & Johnson for around $2 billion, adding a portfolio of devices, including catheters, filters and stents.

said it would finance the acquisition with and $4.5 billion in new debt.

Medtronic's financial advisers are Piper Jaffray and J.P. Morgan Securities LLC and legal advisers are Wachtell, Lipton, Rosen & Katz and Baker McKenzie.

Goldman, Sachs & Co and Perella Weinberg Partners LP provided financial advice to and its legal advisers are Skadden, Arps, Slate, Meagher & Flom LLP and Jones Day.

(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sriraj Kalluvila and Martina D'Couto)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22