Entities funded and controlled by investment firm Gyrus Capital has agreed to acquire medical technology firm LivaNova’s heart valve (HV) business for an enterprise value of €60m ($73m).

LivaNova HV business consists of a comprehensive product portfolio, including Perceval sutureless aortic valve. It also offers tissue and mechanical valves to meet the diversified requirements of cardiac surgeons and patients across the world.

With around 900 employees across the world, the HV business has major operations in Saluggia of Italy and Vancouver of Canada.

The divestment of the HV business will enable LivaNova to focus more on its neuromodulation and cardiovascular segments.

Upon completion of the transaction, Gyrus aims to further invest in the HV business to expand its presence in the global surgical heart valve market.

LivaNova CEO Damien McDonald said: “For LivaNova, the divestiture of our HV business is an important milestone in the execution of our strategy to optimize our portfolio so that we are best positioned to serve our patients and deliver value to our shareholders.

“In particular, we intend to focus more directly on our key growth drivers and continuously improve our operational excellence.”

Subject to receipt of regulatory approvals and other customary closing conditions, the deal is expected to be completed in the first half of 2021.

Once the deal concludes, Gyrus will acquire Saluggia and Vancouver plants from LivaNova. It will also acquire HV assets and retain or make offers to HV employees in other countries.

The newly formed HV company will be managed by Christian Mazzi in the role of CEO, and will be assisted by the existing LivaNova HV team.

Mazzi said: “We are committed to making this the leading company dedicated to heart surgeons and their patients by providing the best solutions to fight structural heart disease.”

In February this year, LivaNova entered into research collaboration with Verily, an Alphabet company, to capture measures of depression within its RECOVER clinical study.