Medtronic made its second deal this week, announcing a $350 million acquisition of an Italian operator of cardiovascular suites, operating rooms and intensive-care units.
The deal is aligned with the Minneapolis-based medical-device manufacturer's strategy of acquiring companies that fit into three clinical categories—cardiovascular, neuro-musculoskeletal and diabetes—or help the company better partner with hospitals.
Medtronic previously held a 30% stake in privately held NGC Medical, which currently works with about 30 hospitals in Italy and is expanding to other regions of Europe as well as the Middle East and Africa. The company, based in Novedrate, Italy, will serve as the managed-services arm of Medtronic's hospital solutions business. Medtronic already manages cath labs for roughly 15 hospital systems in Europe.