Medtronic finalises ATS Medical takeover

Medtronic has announced the completion of its acquisition of ATS Medical, a deal which has been valued at around $370 million (237.6 million pounds).

The agreement saw Medtronic pay $4 per share to take control of the firm's entire stock, as well as assuming responsibility for net debt.

This transaction was originally announced in May 2010 and is designed to allow Medtronic to expand its presence in the cardiovascular health market.

By moving to purchase ATS Medical, the company gains access to a wide variety of products for the heart surgery market, including the Open-Pivot bileaflet mechanical unit and 3f pericardial valve technology.

Dr John Liddicoat, vice-president and general manager of the structural heart business at Medtronic, said this supports the firm's focus on providing "innovative solutions" to cardiac surgeons.

He added: "Our completed purchase of ATS Medical immediately expands Medtronic's product offerings and pipeline of surgical valves, repair products and surgical ablation technologies."