US-based Medtronic has completed the acquisition of Italy-based NGC Medical for $350m.
Medtronic had originally owned a 30% interest in NGC Medical, which manages cardiovascular suites, operating rooms and intensive care units at around 30 hospitals in Italy.
Following the acquisition, the company intends to add NGC as managed services arm to its hospital solutions business, and it will be operated as a separate entity.
NGC Medical, which has around 100 employees, provides a suite of hospital managed services, from infrastructure design and turnkey installation to material and equipment management.
Medtronic can now expand its hospital managed services through NGC, which is also extending its service offerings throughout Europe, the Middle East and Africa.
Medtronic executive vice-president and EMEAC region president Rob ten Hoedt said: "I am delighted that NGC will join Medtronic and add to our growing offering to hospitals and health systems.
"As we are all acutely aware, current models of delivering healthcare are not sustainable, and Medtronic is intent on finding new ways to partner with physicians, hospital systems, patients, payers and governments around the world to meet their cost and access challenges and to deliver high-quality healthcare."
NGC Medical CEO Paolo Cremascoli said: "We are pleased to be part of Medtronic and to have the opportunity to apply the expertise, services and solutions we have developed over the past 30 years to a much broader group of hospitals and healthcare providers."
Since 2013, Medtronic Hospital Solutions has established partnerships with hospitals across Europe to provide hospital lab managed services.
Recently, it provided hospital efficiency solutions to Maastricht University Medical Center in the Netherlands.