Covidien to Buy Ev3 for $2.6B
Covidien (NYSE:COV), a healthcare products company, says today it has inked a deal to buy the medical devices firm ev3 (NASDAQ:EVVV) for $22.50 per share in cash or a total of $2.6 billion. Plymouth, MN-based ev3, founded in 2000, specializes in medical devices for treating vascular disease in certain parts of the body outside of the heart, such as the arms, legs, and brain. Last year the company recorded $41.9 million in profit on revenue of $449.1 million, according to its annual report. Covidien—which is incorporated in Ireland but has its global headquarters in Mansfield, MA—expects to close on its purchase of ev3 by July 31.