Integra LifeSciences Holdings has made a binding offer to acquire the Johnson & Johnson Codman Neurosurgery business for $1.045 billion in cash.

Integra has obtained committed financing from Bank of America Merrill Lynch and JPMorgan to support the planned acquisition. The company plans to finance the acquisition at the closing through a combination of cash on hand, availability under its revolving credit facility and a new senior secured term loan facility.

Codman Neurosurgery offers a portfolio of devices focused on advanced hydrocephalus, neuro-critical care and operative neurosurgery. Codman is a part of Depuy Synthes Companies of Johnson & Johnson.

“This proposed transformational acquisition of Codman Neurosurgery creates compelling value for our shareholders, employees and patients,” said Peter Arduini, Integra’s president and CEO. “Its innovative portfolio and global reach will enable us to enhance our position in the neurosurgery market, while also building a global infrastructure that will benefit Integra as a whole. We look forward to welcoming the more than 600 Codman Neurosurgery employees to the Integra team.”

Codman Neurosurgery’s existing portfolio and new product pipeline in advanced hydrocephalus, neuro-critical care and electrosurgery complement Integra’s leading products and pipeline in tissue ablation, dural repair and cranial stabilization. The acquired products generated approximately $370 million in revenue during 2016 with an EBITDA margin of about 31%.