Medical device manufacturer Integra LifeSciences said it will acquire Johnson & Johnson's Codman neurosurgery business for $1.05 billion in cash to expand its market presence outside the United States.

Integra's products are widely used in neurosurgery, post-operative reconstruction, wound and dental care, and offer a "contract offer" to the Codman business, which will enhance its line of tissue removal, spinal repair and cranial stabilization products.

In an interview with Reuters, a Johnson & Johnson spokesperson said that the two parties will finalize the transaction after obtaining approval from various commissions and regulators. If approved, the transaction will be completed in the fourth quarter.

Integra said that in the first year after the transaction is completed, the adjusted earnings per share will increase by at least 22 cents, and then there will be growth.

Integra executives said in a conference call that the deal would give the company 30% or more in sales in the international market.

However, Integra expects to be affected in the first year after the acquisition of Codman's business, but it is estimated that the business will have long-term growth, with a growth of 3-6%.

The Codman Neurosurgery business is part of the Johnson & Johnson DePuy Synthes division, which specializes in the marketing of neurological intensive care and electrosurgical equipment with sales of approximately $370 million in 2016.

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