Integra Life Sciences Holdings Corp. (Nasdaq: IART) is buying medical instrument lines from Medtronic Inc. (NYSE: MDT) for about $60 million in cash.

Integra is picking up Medtronic's MicroFrance and Xomed lines of hand-held instruments for ear, nose and throat and laparoscopy surgical specialists. The deal includes about 4,000 surgical instruments, as well as the target’s St. Aubin le Monial, France-based manufacturing facility.

Based in Plainsboro, New Jersey, Integra expects to leverage the deal to expand outside the U.S. and to fund it with cash held outside the U.S.

Medtronic, headquartered in Minneaplis, is in the midst of trying to buy Covidien plc, headquartered in Dublin, for approximately $43 billion, a move motivated at least in part by the potential for lower taxes and use of cash held outside the U.S.  So called tax-inversion deals have become increasingly common and increasingly controversial. For more on how they play out in the middle market, see Tax-Inversion Deals Increase Despite Criticism.

Medical devices continue to spur M&A. For more, see 5 Technologies Drive Health Care M&A  and Medical Devices Drive Health Care M&A

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