NATICK, Mass. (AP) — Boston Scientific Corp. will sell its cardiac and vascular surgery businesses to Getinge Group for $750 million in cash, the medical device maker said Monday.
Boston Scientific expects the deal with its Swedish peer to close within the next three months.
The company first reported plans to sell the units in August as part of a plan to divest ''nonstrategic assets.''
Boston Scientific acquired the cardiac surgery business as part of its $27 billion purchase of Guidant Corp. in April 2006. The 450-employee unit makes technologies to aid in heart surgery and generated $189 million in revenue last year. The 250-employee vascular surgery unit produces grafts and patches for repair of abdominal aortic aneurysms and posted 2006 revenue of $86 million. Boston Scientific acquired it in 1995.
''This transaction completes a previously announced element of our plan to divest non-strategic assets, focus on our core businesses and increase shareholder value,'' chief executive Jim Tobin said in a statement.