Asset management firms EQT Mid Market US and EQT Mid Market Asia III agreed to sell Salt Lake City, Utah-based healthcare equipment company Clinical Innovations LLC to Laborie Medical Technologies Inc. for $525 million.

The deal is expected to close in early 2020, subject to customary approvals.

Clinical Innovations provides medical devices for labor and delivery and neonatal intensive care.

Mississauga, Ontario-based Laborie Medical is a private company that develops and markets medical devices used in the urology, gynecology and colorectal fields for diagnostic and treatment purposes.

Moelis & Co. LLC is serving as financial adviser and Simpson Thacher & Bartlett LLP is acting as a legal adviser to EQT and Clinical Innovations.