Covidien to acquire Power Medical Interventions

Thu. July 30, 2009; Posted: 06:06 PM

Jul 30, 2009 (Datamonitor via COMTEX) -- PMII | Quote | Chart | News | PowerRating -- Covidien, a provider of healthcare products, has reached a definitive agreement to acquire Power Medical Interventions, a provider of computer-assisted, power-actuated surgical cutting and stapling products.

The board of directors of both companies unanimously approved the transaction, pursuant to which a wholly owned subsidiary of Covidien will pay $2.08 in cash per share of Power Medical Interventions (PMI) common stock. Aggregate consideration, including assumption of debt, will total approximately $64 million.

The transaction, which will take the form of an all cash tender offer, is subject to customary closing conditions and is expected to be completed by September 25, 2009. Once the transaction has been completed, Covidien will report the PMI business as part of its endomechanical product line in the medical devices segment.

Scott Flora, president of surgical devices at Covidien, said: "By combining these technological assets with our global infrastructure, we will be delivering differentiated solutions to our customers. As a pioneer in surgical stapling, we are committed to providing healthcare technology that enables advanced surgical techniques and improves patient outcomes."

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