Teleflex will acquire Vascular Solutions in a transaction valued at approximately $1 billion. JPMorgan acted as lead arranger for a $750 million bridge loan and provided a backstop to an existing $850 million revolver to support the transaction.

Under the terms of the agreement, Teleflex will acquire all the issued and outstanding shares of Vascular Solutions common stock for $56.00 per share, in cash. The boards of directors of both Teleflex and Vascular Solutions have unanimously approved the transaction. This transaction is subject to the approval of Vascular Solutions’ shareholders and the satisfaction of customary closing conditions and is expected to close during the first half of 2017.

Founded in 1997, Vascular Solutions is a medical device company that focuses on developing clinical solutions for minimally invasive coronary and peripheral vascular procedures.

“We are extremely excited to announce this definitive agreement with Vascular Solutions, as it represents a significant step forward in our strategy,” said Benson Smith, chairman and chief executive officer of Teleflex.

The combined company will offer more than 150 cardiac, vascular and interventional access products. This acquisition positions Teleflex to enter new, fast-growing markets while also enhancing Vascular Solutions revenue growth and reach by capitalizing on Teleflex’s international presence and distribution network.