MANSFIELD – Covidien Plc said Wednesday it will buy Somanetics Corp., a maker of cardiac surgery equipment, for $250 million.
Covidien said it will pay $25 a share in cash for Troy, Mich.-based Somanetics, a 32 percent premium over the company’s closing price of $18.90 on Tuesday, The Associated Press reported.
The $250 million cost of the transaction, which is expected to close by July 31, includes cash on Somanetics’ balance sheet. It follows Covidien’s announcement June 1 that it would pay $2.6 billion to buy ev3 Inc., a maker of products used in treating heart disease.
Covidien already handles some overseas distribution of Somanetics’ high-tech diagnostic equipment, the INVOS Cerebral/Somatic Oximeter. The Michigan company had 133 full-time employees as of Feb. 1, according to a Securities & Exchange Commission filing.
“The Somanetics product line, which we currently distribute in Europe, will expand our presence in the operating room,” Pete Wehrly, Covidien’s president of respiratory and monitoring solutions, said in a statement.
Additional information is available at somanetics.com.
