Interventional technology developer AngioDynamics has finalized its acquisition of medical device company Navilyst Medical in a transaction valued at $355 million.
AngioDynamics said it expects the combination of the two firms to double its share of the vascular access market, build critical mass in the peripheral vascular sector, and establish a strong operating platform for future growth. Navilyst has developed technology for vascular access, interventional radiology, and interventional cardiology.
AngioDynamics financed the acquisition and related transaction costs by issuing approximately 9.5 million shares of common stock, $150 million in drawn acquisition debt financing, and $97 million of balance sheet cash. An additional $20 million of purchase consideration has been placed in escrow to satisfy any working capital adjustment and potential indemnification claims that may arise, the company said.
