TE Connectivity has signed an agreement to acquire Irish firm Creganna Medical from Permira, for around $895m.
Creganna Medical is involved in designing and manufacturing minimally invasive delivery and access devices, which can be used in a wide range of therapies.
The firm provides services to medical device original equipment manufacturers (OEMs) in around 30 countries across the globe.
Creganna’s customers include around 400 companies, comprising of medical device and life science companies. It has design and manufacturing facilities in the US, South America, Europe and Asia.
The company had reported sales of around $250m in last year.
Creganna Medical CEO Chip Hance said: "We are pleased to be joining TE Connectivity to continue our journey to become the leading supplier of minimally invasive medical device delivery and access solutions for interventional medicine."
TE Connectivity chairman and CEO Tom Lynch said: "The acquisition of Creganna Medical is part of our well-established strategy to expand our leadership position in harsh environment applications.
"This transaction builds on our AdvancedCath acquisition and establishes TE as a leading supplier to the high-growth minimally invasive interventional segment."
Subject to regulatory approvals and other customary closing conditions, the deal is expected to complete in the second quarter of this year.
Once the deal concludes, the acquired business will be included in the TE’s industrial solutions segment.
Image: TE Connectivity has agreed to acquire Creganna Medical from Permira. Photo: courtesy of PinkBlue / FreeDigitalPhotos.net.