Covidien Expands Vascular Presence, Announces $2.6 Billion Buyout of ev3

Device manufacturing giant Covidien said June 1 it will add significant scale to its presence in the vascular medical product market with a $2.6 billion cash buyout of ev3 Inc.

Under the deal, Covidien will acquire all of the outstanding shares of ev3 Inc. for $22.50 per share in cash, for a total of $2.6 billion. The transaction is expected to be completed by July 31, Covidien said.

According to Covidien, ev3 is dedicated to developing innovative, breakthrough and clinically proven technologies and solutions for the treatment of peripheral vascular and neurovascular diseases. It said ev3 offers a comprehensive portfolio ...