Germany-based Siemens Healthineers AG is acquiring Corindus Vascular Robotics Inc. for $1.1 billion.
Siemens Healthineers' Siemens Medical Solutions unit will acquire all the issued and outstanding common shares of Corindus for $4.28 per share in cash. Shares in the Waltham, Mass.-based robotics company closed at $2.42 on Aug. 7, the last day before the deal was announced.
The deal will combine Siemens Healthineers' imaging, digital and artificial intelligence tools with Corindus' precision robotics platform for treating patients with cardiovascular or peripheral disease.
The boards of Siemens Healthineers and Corindus Vascular have both approved the transaction.
Completion of the deal is expected to occur in the fourth quarter, subject to the approval of Corindus shareholders, antitrust clearance and other customary closing conditions.
Citigroup Global Markets Inc. is acting as exclusive financial adviser to Corindus, while Cadwalader Wickersham & Taft LLP is serving as its legal adviser.