(Reuters) - U.S. healthcare products and medical device maker Covidien COV.N said it would buy Israel-based Oridion Systems ORIDN.S for about $300 million in cash.
As per the deal, a wholly owned subsidiary of Covidien will pay $23 per Oridion share and the company said the deal is not expected to have a material impact on its fiscal 2012 sales.
“Oridion’s products are excellent complements to the company’s current portfolio of pulse oximeters and monitoring products,” Robert White, president, Covidien’s Respiratory & Monitoring Systems, said in a statement.
Covidien will report the Oridion systems business as part of its oximetry & monitoring product line.
The companies expect to complete the deal in the second calendar quarter of 2012.
Reporting by Sakthi Prasad; Editing by Matt Driskill