NEW YORK (AP) -- Medtronic said Monday it will pay up to $500 million for Invatec, a company that makes medical devices to treat cardiovascular disease.
The purchase will help Medtronic expand its interventional cardiology business in Europe, where Invatec is based. Medtronic estimates the global market for interventional cardiology devices is $10 billion per year.
"Invatec brings to Medtronic an established international business with a European center of technology development and manufacturing," said Invatec Chief Executive Andrea Venturelli, in a statement.
Medtronic, the world's largest medical device maker, will pay $350 million initially to Invatec, which makes stents, angioplasty balloons and related therapies. A stent is a mesh-wire tube used to hold arteries open after they are surgically cleared of blockages.
The purchase also includes Fogazzi, which supplies polymer technology to Invatec, and Krauth Cardiovascular, a distributor.
Medtronic, based in Minneapolis, will pay to up $150 million extra if Invatec hits certain milestones.
Invatec employs about 900 workers, mainly in Italy and Switzerland.
Medtronic shares rose 48 cents to $43.78 in morning trading Monday.