Cardinal Health (NYSE: CAH), Dublin, Ohio, on Monday announced it has completed the previously announced sale of Cardinal Health’s Cordis business to Hellman & Friedman for $1 billion.

“We appreciate H&F’s partnership throughout the transaction, and we are excited about Cordis’s future under H&F’s ownership,” said Mike Kaufmann, CEO of Cardinal Health. “As we shared previously, this divestiture demonstrates our disciplined portfolio evaluation approach, and we remain committed to investing in our strategic growth areas.”

“We are thrilled to begin this next chapter for Cordis and value the partnership with Cardinal Health through the transition,” said Shar Matin, CEO of Cordis. “We believe that an independent Cordis company, combined with an innovative approach to bring differentiated products to market, will allow us to create incremental value for teammates, customers and investors.”