Boston Scientific completes sale of cardiac and vascular surgery businesses

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Boston Scientific has completed the sale of its cardiac surgery and vascular surgery businesses to the Getinge Group of Getinge, Sweden, for $750 million in cash.

The sale follows the definitive agreement announced on Nov. 5, 2007.

Boston Scientific expects to record after-tax charges of approximately $240 million in connection with the transaction. The charges will be recorded during the fourth quarter of 2007 and the first quarter of 2008.

"We have now sold three of our five previously identified non-strategic businesses, and we expect to close on the remaining two—fluid management and venous access—this quarter," said Jim Tobin, president and CEO of Boston Scientific. “These divestitures…should help us achieve our overall goals of restoring profitable growth, [and] increasing shareholder value.”