Smith and Nephew has announced the sale of its gynaecology business to fellow medical technology company Medtronic in a deal worth $350 million (241.04 million pounds).

The business provides a range of resection technologies, with its primary offering being the Truclear System for the hysteroscopic resection and removal of uterine tissue. It delivered a revenue total of $56 million in 2015.

“Smith and Nephew has agreed to sell its gynaecology business to Medtronic for $350 million.“

Medtronic is purchasing the business to expand its minimally invasive therapy portfolio and provide a wider range of products for the treatment of women with abnormal uterine bleeding.

The deal is expected to complement Medtronic's existing portfolio, allowing the unit and its employees to benefit from operating under an owner with an increased focus and presence in the gynaecology space.

Most employees are expected to join Medtronic following the acquisition, with Smith and Nephew to continue to manufacture Truclear during a transitional period.

Olivier Bohuon, chief executive officer of Smith and Nephew, said: "The sale of our gynaecology business demonstrates our disciplined strategic approach to capital deployment and to crystallising value through divestiture at the right time."