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Cardinal Health disclosed on Tuesday a deal to buy Medtronic’s patient care, deep vein thrombosis and nutritional insufficiency businesses for $6.1bn in cash.

The units encompass almost two dozen product categories, which are “used in nearly every US hospital,” Cardinal said. They generated revenues of $2.3bn in the 12 months to the end of October 2016, with 70 per cent of sales coming from the US.

George Barrett, Cardinal’s chief executive, said:

We are thrilled about today’s announcement, as this well-established product line is complementary to our medical consumables business and fits naturally into our customer offering. For this reason, this product portfolio has been on our radar for many years.

Cardinal said it will finance the transaction with $4.5bn in new senior unsecured notes and existing cash. The group’s shares fell by 7.1 per cent in pre-market trading. Medtronic rose 1.4 per cent.

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