Deals
Shandong Weigao to Buy Argon in China's Latest U.S. Health Deal
- Agreement for medical-device company valued at $850 million
- Overseas deals thriving in sector despite China restrictions
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Shandong Weigao Group Medical Polymer Co. agreed to buy closely held Argon Medical Devices Inc. for $850 million, continuing a string of deals by Chinese companies seeking to gain a foothold in the U.S. health-care market.
Shandong Weigao made the acquisition through a joint venture with a private equity-backed firm that will control 10 percent, according to a statement to the Hong Kong stock exchange. The venture will fund $420 million of the purchase with debt, the company said without identifying the private-equity firm.