Cardinal Health said March 12 it is selling its Cordis medical device business to private equity firm Hellman & Friedman for roughly $1 billion.

Cordis makes cardiology and endovascular devices. Johnson & Johnson sold the business to Cardinal Health in 2015 for about $2 billion.

The sale of the business to Hellman & Friedman is expected to close in the first half of Cardinal’s fiscal 2022 year, the company said.

“Cordis has a long history of innovation in minimally-invasive cardiovascular technology, and we are confident that with H&F as its owner, Cordis will be well-positioned for growth, innovation and success,” Mike Kaufmann, Cardinal Health’s CEO, said in a news release.

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Source: Beckers Hospital Review

By Maia Anderson