AngioDynamics, a medical device provider, has signed a definitive agreement to acquire global medical device company Navilyst Medical from Avista Capital Partners for around $372m.

The acquisition will increase AngioDynamics’ scale, doubling its share of the vascular access market while building critical mass in the peripheral vascular market.

AngioDynamics president and CEO Joseph DeVivo said the transaction will strengthen the company’s current business by enabling them to focus on key channels including vascular access, peripheral vascular and oncology / surgery, enhancing the ability of global sales leaders to focus on key clinical call points.

”At the same time, the acquisition creates an excellent platform for future revenue and earnings growth, as well as substantial cash flow generation leading to significantly increased value for our shareholders,” DeVivo added.

”Going forward, we will expand our geographic footprint and be in an even better position to accelerate our strong international sales growth from added scale and the power of the global Namic brand.”

The integrated company’s vascular access business will provide a full line of ports, PICCs and other products differentiated by advanced technologies, such as the PASV valve and BioFlo from Navilyst, and Smart Port power-injectable ports featuring Vortex port technology from AngioDynamics.

Avista Capital Partners president and partner David Burgstahler said the integration of the two companies will be a great strategic fit and will provide greater scale, as well as a comprehensive and competitive product portfolio.

Under the agreement, AngioDynamics will fund the purchase price and related transaction costs using approximately $97m of cash in hand and $150m from a fully committed bank financing facility.

Following the closure of transactions, AngioDynamics will issue approximately 9.5m shares of common stock to Avista Capital Partners and total fully diluted shares outstanding of approximately 35.1m shares.