The transaction was funded with new senior unsecured notes of $4.5bn, existing cash and borrowings under Cardinal’s current credit arrangements.
Initiated in April, the deal was subjected to regulatory approvals and other customary closing conditions.
The acquisition of the business covers 23 product segments across several market sites of care and brands such as Curity, Kendall, Dover, Argyle, and Kangaroo used in multiple US hospitals.
Cardinal Health chairman and CEO George Barrett said: "This business provides our customers with more product offerings and includes some well-established brands that fit naturally within our portfolio and are complementary to our current medical products business.
“We know these products and many of the employees well, and have seen that our team members share a common commitment to quality, customer service and the patients who we all ultimately serve."
The transaction is estimated to be accretive to non-GAAP diluted earnings per share from continuing operations by more than $0.21 per share in the next fiscal year and more than $0.55 per share in fiscal 2019. It is also expected to fetch synergies of $150m by the end of fiscal 2020.
Cardinal has already initiated integration of the Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business to its Medical division, and intends to complete the incorporation and transitions over the next 18 months.
The firm provides customised healthcare solutions, medical products and pharmaceuticals to hospital systems, pharmacies, ambulatory surgery centres, clinical laboratories, and physician offices.