Medical device company Medtronic has acquired endoscopic diagnostics company Crospon, the Sunday Times has announced.
Mergers
Based at Galway Business Park, the company develops minimally invasive medical devices to diagnose and treat gastrointestinal disorders.
Medtronic has confirmed the purchase but has not disclosed how much the acquisition has cost. However, it is estimated that the deal could be worth as much as €38 million.
Earlier this year Crospon was shortlisted for two awards by the Irish Exporters Association. The company was shortlisted for Export Innovation of the Year and Life Sciences Exporter of the Year.
The acquisition is expected to help Medtronic expand its product portfolio, giving it access to solutions to help oesophageal diseases.