Hellman & Friedman explores sale of Cordis with $9 billion-plus target

Bloomberg reported that Hellman & Friedman is exploring a sale of Cordis, the cardiovascular medical device maker it acquired in 2021, and is seeking a valuation in excess of $9 billion, according to people familiar with the matter. The effort is described as early stage, with roughly half a dozen publicly traded medical device companies said to be evaluating potential bids.

Cordis manufactures catheters, stents and other cardiovascular devices that are staples of interventional cardiology. Hellman & Friedman purchased the business from Cardinal Health in 2021 for roughly $1 billion, a price that would imply about a ninefold return if a sale surpasses $9 billion. The reporting cites unnamed sources and no binding offers or timetable have been publicly disclosed.

Industry interest in Cordis reflects two dynamics that have shaped med‑tech M&A in recent years: the strategic premium placed on high‑margin, recurring revenue device franchises and the ongoing consolidation among device makers seeking scale in distribution and product portfolios. Public acquirers evaluating Cordis would likely be aiming to bolster their cardiovascular offerings and capture steady demand driven by aging populations and persistent incidence of heart disease.

The potential suitors are described as established, publicly traded medical device companies rather than private equity buyers. That strategic orientation matters for valuation and regulatory risk: acquisitions by large incumbents can produce operational synergies but may invite closer antitrust scrutiny, particularly in markets where overlapping product lines could affect hospital procurement or supplier bargaining. No bidder names have been disclosed and regulators have not been reported to be involved at this stage.

Hellman & Friedman and a listed investor in Cordis, KKR, did not provide substantive comment when contacted, and Cordis did not immediately respond to requests for comment outside regular business hours, according to the reporting. The initial Bloomberg coverage was summarized by wire services and trade outlets, and those summaries noted the reliance on unnamed sources.

For Hellman & Friedman, a successful sale at the reported valuation would represent one of the stronger private equity exits in the medical device sector from the last half decade. The implied multiple on the 2021 entry price underscores how private capital has sought to add value through portfolio investments focused on market niches with stable procedural volumes and strong reimbursement. A final sale price will hinge on Cordis’s current revenue and profitability metrics, which have not been publicly disclosed in connection with the potential process.

Market reaction will depend on how bidders price synergies and regulatory risk, and on broader capital market conditions that affect strategic acquirers’ cost of capital. If multiple public device makers proceed, the process could accelerate further consolidation in cardiovascular devices, concentrating share among a smaller set of global suppliers and shaping hospital purchasing dynamics.

Investors and policy makers will watch for formal announcements and filing details that would disclose financial terms, buyers and any subsequent regulatory reviews. Until those filings appear, the situation remains an exploratory auction driven by strategic interest in a core cardiovascular franchise and a private equity sponsor seeking a sizable exit.