Devicemaker Boston Scientific Corp., Natick, Mass., has agreed to sell its fluid management and vein access businesses to Avista Capital Partners, a private equity firm with offices in New York and Houston.
Avista will pay $425 million in cash for the two businesses, according to a Boston Scientific news release. The sale is part of the companys plan to divest nonstrategic assets. Following close of the deal, the fluid-management and vein-access companies will merge under a yet-to-be-identified name, according to the news release. Ron Sparks, an Avista adviser, will become chairman and chief executive officer of the new company, and Dave McClellan, president of Boston Scientifics oncology business, will become president of the new company.
The deal, expected to close early next year, is subject to regulatory approval and customary conditions. -- by Shawn Rhea
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