Utah's Merit Medical buying GE Healthcare unit
Merit Medical Products Inc., a South Jordan-based manufacturer of disposable medical devices, said it has struck a deal to acquire Thomas Medical Products Inc. from GE Healthcare for $167 million in cash.
Thomas, based in Malvern, Penn., designs and manufacturers catheters used in cardiology procedures.
Merit said it anticipates that during the year ending Dec. 31, Thomas will have generated revenue of $37 million.
"We believe this transaction will help expand our market presence into new product categories, particularly in interventional cardiology," Fred Lampropoulos, Merit's chairman and CEO said in a statement.
Lampropoulos said Merit intends to finance the purchase by expanding its existing line of credit to $275 million, which Wells Fargo Bank has committed to provide.
Merit is anticipating the deal will close by the end of the year.