Covidien to buy ev3 for $2.6 billion in cash

Covidien, the healthcare company spun off from Tyco nearly three years ago, said on Tuesday that it has agreed to buy ev3, a maker of stents and other medical devices, for $2.6 billion in cash.

Separately, Covidien said that it would sell its sleep therapy business to PH Invest, a private company in Luxembourg, as it reshapes its portfolio to focus more on higher-growth products.

[New York Times]