J&J accepts offer from Cardinal Health for Cordis unit
NEW YORK (AP) — Health care giant Johnson & Johnson has formally accepted a $2 billion offer to sell its Cordis heart devices unit to Cardinal Health.
The offer was initially made March 1. The companies expect the deal to close toward the end of 2015.
The Cordis business, which is based in Fremont, California, had 2014 revenue of about $780 million. The U.S. is its biggest single market, but 70 percent of total sales come from outside the U.S.
Cordis has operations in more than 50 countries, including China, Japan, Germany, Italy, France, the U.K. and Brazil.