In its second corporate acquisition announcement in two months, medical supply company Covidien has completed the purchase of devicemaker Somanetics for $250 million. The deal was announced last month.
Covidien completes Somanetics acquisition
Somanetics, Troy, Mich., is the manufacturer of devices that measure changes in blood oxygen levels in patients’ brains and bodies to help clinicians detect and treat medical complications, particularly in pediatric cases. The company ceased trading on the Nasdaq Global Market exchange following the purchase by Covidien.
Covidien, based in Dublin, Ireland, reported net income of $907 million on revenue of $10.7 billion in 2009. The company announced last month that it also has executed agreements to purchase another devicemaker, ev3, Plymouth, Minn., for $2.6 billion in cash. That deal is expected to close by July 31.
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