LivaNova to deal CRM biz to MicroPort for $190m

LivaNova (NSDQ:LIVN) said today that it inked a deal to sell its cardiac rhythm management business to China’s MicroPort Scientific (HK:00853) for $190 million in cash. The companies, which are already partners in a CRM join venture in the People’s Republic, said the sale for LivaNova’s 900-worker CRM business is slated to close during the second quarter next year. LivaNova, formed by the $2.7 billion merger of Italy’s Sorin and Cyberonics in October 2015, said in September that it was putting the CRM business on the auction block. The business pulled in sales of $249 million last year. “The CRM business franchise is a global business and strong regional player with attractive assets, a robust pipeline and growth potential. Its strong position in Europe complements our leadership position in China and growing presence in the U.S. and emerging markets, enabling us to further strengthen each other’s worldwide reach. Meanwhile, with the commitment and dedication of its employees, combined with the precision and innovation of the technology portfolio of the CRM business, I am confident that MicroPort and the CRM business can grow together – faster, better and stronger – in the global arena,” MicroPort chairman & CEO Zhaohua Chang said in prepared remarks. “This combination represents a great opportunity to build upon our ongoing commitment and expertise to accelerate the development of new CRM products. We are committed to...
Source: Mass Device - Category: Medical Devices Authors: Tags: Mergers & Acquisitions Wall Street Beat Cardiac Rhythm Management LivaNova MicroPort Scientific Source Type: news