Medtronic Inc.
said Thursday it spent $585 million to buy two companies in which it had already invested.
Fridley-based Medtronic (NYSE: MDT) said in news releases that it bought Peak Surgical Inc. and Salient Surgical Technologies Inc.
Medtronic paid $480 million for Portsmouth, N.H.-based Salient, which makes devices to control bleeding during surgeries. Medtronic invested $45 million into that company in February 2010, giving it a total investment of $525 million in Salient.
Surgical-instrument maker Peak, which is based in Palo Alto, Calif., was purchased for $105 million. Medtronic said it had earlier invested $15 million into the company, giving it a total investment of $120 million.
Salient’s annual sales are $100 million and Peak’s are $20 million, Medtronic said.
Both acquisitions are subject to government and regulatory approvals in the U.S. and other countries.
Salient’s Aquamanys system with its patented Transcollation technology is used in orthopedic surgery, spine, open abdominal and thoracic procedures.
Peak produces a line of disposable cutting devices under the name PlasmaBlade. They are used in a variety of settings, including ear nose and throat, plastic reconstructive and orthopedic, according to Medtronic.
>Click here to read Medtronic’s statement on Peak.
>Click here to read Medtronic’s statement on Salient. …
