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Siemens Healthineers To Buy Corindus Vascular Robotics For About $1.1 Bln

Corindus Vascular Robotics, Inc. (CVRS) said Thursday it has agreed to be acquired by Siemens Healthineers AG (SMMNY.PK) for about $1.1 billion.

Under the terms of the deal, Siemens Medical Solutions will acquire all issued and outstanding shares of common stock of Corindus for $4.28 per share in cash. This represents an aggregate purchase price of about $1.1 billion.

Siemens Medical Solutions is a wholly-owned subsidiary of Siemens Healthineers AG.

"Corindus has established a leading position in vascular robotics with a compelling technology platform for robotic-assisted coronary, peripheral, and neurovascular procedures. The acquisition of Corindus, combined with Siemens' strong advanced therapies portfolio will help further advance the growth of vascular robotics," said Michel Therin, President of Advanced Therapies at Siemens Healthineers.

Corindus said its board of directors has approved the transaction, which is expected to close in the fourth quarter of 2019. The transaction is subject to approval by Corindus stockholders.

In connection with the transaction, Citigroup Global Markets Inc. is acting as exclusive financial advisor to Corindus, while Cadwalader, Wickersham & Taft LLP is serving as its legal advisor.

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