Medtronic (NYSE:MDT) is now larger by one asset. The company announced it closed the purchase of Cardiocom, a privately held firm it describes as a "developer and provider of integrated telehealth and patient services for the management of chronic diseases." Medtronic paid $200 million in cash for the company.
The transaction is part of Medtronic's attempts to broaden its selection of medical device products. Cardiocom offers a variety of remote patient monitoring devices.
In the press release announcing the news, Medtronic said it expects the net impact from the purchase to be neutral in its fiscal 2014 and thereafter "to be consistent with the company's disciplined focus on long-term returns."
At the end of April, the firm had $860 million in cash.
Fool contributor Eric Volkman has no position in Medtronic. The Motley Fool owns shares of Medtronic. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.