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.
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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.
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