Inogen Inc. completed its planned acquisition of privately held New Aera Inc., a manufacturer of portable noninvasive ventilators, for about $70.4 million cash.

As part of the recently agreed deal, Inogen may pay up to an additional $31.4 million in earnout payments upon achieving certain milestones.

The Goleta, Calif.-based medical technology company also acquired certain intellectual property assets from an affiliate of New Aera in connection with the transaction.

Inogen, which manufactures and sells portable oxygen concentrators, said it would incorporate New Aera's Tidal Assist Ventilator system technology into its oxygen concentrators, and sell the ventilator system in the short to intermediate term.