Johnson & Johnson (J&J) has accepted the binding offer from Cardinal Health, made in March 2015, to acquire J&J’s Cordis business for an approximate value of $2 billion. The Cordis business, which is based in Fremont, California, had 2014 revenues of $780 million, and is a producer of medical devices based on interventional vascular technology.

The offer was accepted after consultations with relevant works councils and trade unions. J&J expects the transaction to close toward the end of 2015, subject to regulatory clearances and other customary closing conditions.

Source: J&J