Medtronic and ATS Medical, a developer, manufacturer and marketer of products and services focused on cardiac surgery including heart valves and cryoablation technology, have signed a definitive agreement under which Medtronic will acquire ATS Medical by paying $4 per share in cash for each share of ATS Medical stock.

The total value of the transaction is expected to be approximately $370m, which includes the purchase of ATS Medical stock and assumption of net debt.

The acquisition is expected to expand access to new treatment options for structural heart disease.

ATS Medical’s cardiac surgery services include provision of heart valves and cryoablation technology. The company’s Open-Pivot bileaflet mechanical and 3f pericardial valve technology, along with its CryoMaze family of ablation products, will extend Medtronic’s current product offerings to cardiac surgeons.

Scott Ward, senior vice president of Medtronic and president of the CardioVascular business, said: “The acquisition of ATS Medical will further strengthen our CardioVascular business. ATS is an innovative and successful company that is well respected by cardiac surgeons throughout the world.”

Michael Dale, chairman, president and CEO of ATS Medical, said: “Medtronic’s complementary mission and leadership in treatments for structural heart disease represents the best possible opportunity for bringing ATS Medical’s innovative cardiac surgery technologies to more surgeons and patients.

“We are very proud of the business that ATS Medical’s past and present employees have built while maintaining an unwavering focus on innovation and, above all, delivering products that provide superior clinical outcomes.”

The transaction is subject to customary closing conditions, including approval by ATS Medical’s shareholders and US and foreign regulatory clearances.