Merit Medical Systems has purchased GE Healthcare's Thomas Medical Products for $167m in cash.
The finance for the purchase was based on the expansion of Merit’s existing credit facility to $275m, which Wells Fargo Bank provided in a single bank transaction.
Thomas Medical’s commercial products include catheter-based vascular access delivery devices, designed for diagnostic and therapeutic procedures in electrophysiology, cardiac rhythm management as well as interventional cardiology and radiology applications.
Under the acquisition, Thomas Medical will now operate as Merit Medical’s division in Malvern, Pennsylvania, US.
Merit chairman and chief executive officer Fred Lampropoulos said the acquisition of Thomas Medical adds significant technology and sales base to company’s cardiology business.
"Additionally, Thomas Medical adds substantial breadth to our existing OEM business which is approaching $100 million in annual revenues," Lampropoulos added.