ArchiMed has completed the acquisition of US-based neurodiagnostic devices provider Natus Medical for nearly $1.2bn.

The deal, first announced in April, represents the first purchase for the MED Platform II from ArchiMed, an investment firm that focuses on the healthcare industry.

As earlier agreed, Natus shareholders received $33.50 in cash for each share they held in the company.

ArchiMed Partner Justin Bateman said: “Together with management, we’ll significantly expand the reach and breadth of Natus’ market leading products, reinforce and focus research and development, and pursue acquisitions of complementary businesses.”

Headquartered in Middleton, Wisconsin, Natus focuses on delivering medical devices to support the screening, diagnosis and treatment of disorders that affect the brain, nervous and sensory systems.

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The company provides 25 product lines globally.

Commenting on the transaction, Natus CEO Thomas J Sullivan said: “ArchiMed’s mix of operational, medical, scientific and financial expertise will help us continue our mission to serve our customers as we further integrate, internationalise and grow our business.”

Natus will now become a private company with its shares delisted from private markets.

The Wisconsin-based company has also named current chief commercial officer Austin F Noll III as its new president.

Sullivan stated: “Austin’s leadership at Natus has been vital to our advancement as a leading Neuroscience company and I am pleased to partner with him in this next phase of our growth.”