US specialty medical device maker Teleflex to buy Vascular Solutions for $1 bn

US specialty medical device maker Teleflex Inc has struck a deal to buy its peer Vascular Solutions Inc for about $1 billion in order to expand its presence in the interventional cardiology, interventional radiology, and peripheral vascular markets.

Under the terms of the agreement that has been approved by the board of both companies, Pennsylvania-based Teleflex will pay $56.00 per share, in cash.

Teleflex plans to fund the acquisition through a combination of cash and debt.

The proposed deal is subject to the approval of Vascular Solutions' shareholders and antitrust approvals, and is expected to close during the first half of 2017.

Teleflex expects to generate synergies of between $40 million to $45 million by fiscal year 2019.

The deal will expand Teleflex's presence in the interventional cardiology, interventional radiology, and peripheral vascular markets. The combined company will offer more than 150 cardiac, vascular, and interventional access products.

Vascular Solutions is a medical device company that focuses on developing unique clinical solutions for coronary and peripheral vascular procedures.

The Minnesota-based company's product line consists of more than 90 products and services that are sold to interventional cardiologists, interventional radiologists, electrophysiologists and vein specialists through its direct sales force and international independent distributor network.

Vascular Solutions has a pipeline of new and next-generation products that address complex interventions, radial artery catheterizations and embolization procedures.

Since launching its initial product, the company has created and developed over 100 new medical devices which have been sold to and used by interventional physicians.

Teleflex is a global provider of medical technologies and has a diverse portfolio in the fields of vascular and interventional access, surgical, anesthesia, cardiac care, urology, emergency medicine and respiratory care.

The company had realigned to focus on its current business after having undergone several years of active acquisitions, divestitures and restructuring.

Teleflex has annual revenues of $1.8 billion, operations in 40 countries, and employs more than 12,000 people.