Johnson & Johnson has accepted the binding offer of $1.94bn from Cardinal Health to purchase its Cordis business.
Accepted after consultations with relevant works councils and trade unions, the offer was first announced in March this year by Cardinal Health.
Based in Fremont of California, Cordis develops and markets cardiology and endovascular products.
The business, which reported annual sales of around $780m in 2014, carries out operations in about 50 countries, including China, Japan, Germany, Italy, France, the UK and Brazil.
Cardinal Health said in its March announcement that the acquisition of Cordis was a significant step forward in its cardiovascular strategy.
The Cordis acquisition complements the firm’s strategy of expanding operations in the areas of cardiology, wound management and orthopedics.
Subject to regulatory clearances and other customary closing conditions, the transaction is expected to be completed in the US and key non-US countries by the end of this year.
Cardinal Health develops and markets medical and surgical products, including gloves, surgical apparel and fluid management products.