Switzerland-based TE Connectivity has signed an agreement to acquire US-based AdvancedCath for around $190m in cash.
With expected revenues of around $60m in 2015, AdvancedCath produces advanced catheter systems.
The acquired business is said to expand TE’s connectivity and sensor position in the interventional space of the medical market, as well as allow offering complete integrated solutions to customers.
TE Connectivity Industrial Solutions segment president Terrence Curtin said: "The acquisition of AdvancedCath expands TE’s Medical business and positions us to be a leading provider of connectivity and sensor solutions in the high-growth medical device market."
AdvancedCath manufactures catheter systems such as balloon catheters, extrusions, medical balloons and braided catheter shaft components.
TE’s medical business develops and produces connectors, sensors and components for use in surgical, interventional catheter, imaging, diagnostic and therapeutic healthcare applications.
Once the deal concludes, AdvancedCath team will be integrated into TE’s medical business unit, operating under TE’s industrial solutions segment.
AdvancedCath CEO Randall Sword said: "We can now offer customers an unmatched combination of sensor, material science, electrical and biomedical technologies and a single source of manufacturing expertise for advanced medical devices."
Subject to the receipt of regulatory approval and other customary closing conditions, the deal is expected to be completed by the end of March this year.
Image: TE Connectivity to acquire US-based AdvancedCath. Photo: courtesy of adamr/ FreeDigitalPhotos.net.