Covidien plc has closed its acquisition of Given Imaging Ltd., providing the company additional scale and scope to serve the global gastrointestinal market.
Under terms of the merger agreement, Covidien has acquired all outstanding Given shares for $30 per share or an aggregate consideration of approximately $860 million, net of cash and short-term investments acquired.
“Acquiring Given Imaging significantly expands Covidien’s GI Solutions business and supports the company’s strategy to comprehensively address key global specialties and procedures,” says Bryan Hanson, group president, Medical Devices & U.S., Covidien. “We are committed to providing clinicians with more accurate and efficient diagnostic technologies to help achieve better outcomes for patients.”
With this acquisition, Covidien adds to its portfolio of products for visualizing, monitoring, and detecting abnormalities in the digestive system. A key technology in the Given portfolio is the PillCam, a minimally-invasive, swallowed optical endoscopy technology for the small bowel, esophagus, and colon that does not require sedation of the patient.
Covidien is a healthcare products company that develops, manufactures, and sells a range of medical device and supply products. Its headquarters are in Dublin, Ireland.
Release Date: February 27, 2014