Cardinal Health (NYSE: CAH) announced today that it has completed the sale of its Cordis business to private equity firm Hellman & Friedman.
The $1 billion sales price included includes H&F’s assumption of certain liabilities and Cardinal Health’s retention of some working capital accounts.
“As we shared previously, this divestiture demonstrates our disciplined portfolio evaluation approach, and we remain committed to investing in our strategic growth areas,” Cardinal Health CEO Mike Kaufmann said in a news release.
The deal takes place six years after Cardinal Health bought Cordis and its minimally-invasive cardiovascular technology from J&J for nearly $2 billion.
Cordis CEO Shar Matin said: “We believe that an independent Cordis company, combined with an innovative approach to bring differentiated products to market, will allow us to create incremental value for teammates, customers and investors.”