Cardinal Health Inc. agreed to buy Johnson & Johnson’s Cordis business for $1.94 billion in cash, gaining a global manufacturer of cardiology and endovascular devices.

The acquisition will be financed with a combination of $1 billion in new senior unsecured notes and existing cash, Dublin, Ohio-based Cardinal Health said in a statement. The transaction is expected to close in the U.S. toward the end of calendar 2015.

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