Boston Scientific has signed a definitive agreement to sell its cardiac surgery and vascular surgery businesses for $750 million to the Getinge Group, a Swedish provider of healthcare equipment and systems. The transaction is expected to close within the next 45 to 90 days, subject to regulatory approvals and customary conditions.
The Natick, Mass.-based company announced its intent to sell the businesses on Aug. 16, as part of its plan to divest non-strategic assets and increase shareholder value.
"This transaction completes a previously announced element of our plan to divest non-strategic assets, focus on our core businesses and increase shareholder value," said Jim Tobin, president and chief executive officer of Boston Scientific. "We deeply appreciate the contributions our cardiac surgery and vascular surgery employees have made to Boston Scientific, our customers and their patients. We know they will continue to serve customers and patients well going forward."
The Getinge Group is a leading global provider of equipment and systems to customers within healthcare, extended care and pharmaceutical industries/laboratories, according to Boston Scientific.