Medtronic plc (MDT), a healthcare technology company, on Monday announced that it has completed its acquisition of privately held medical device company CathWorks in a deal valued at $585 million, with a possibility of potential undisclosed earn-out payments.
The purchase follows a 2022 co-promotion agreement and adds CathWorks'FFRangio System to Medtronic's cardiovascular portfolio.
Medtronic said the transaction is expected to be immaterial to fiscal 2027 GAAP and adjusted earnings per share and neutral to accretive thereafter.
On the New York Stock Exchange, shares of Medtronic are currently trading 0.61 percent higher at $86.72
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