Covidien PLC of Dublin, Ireland, said Tuesday it is buying medical device maker ev3 for $2.6 billion in cash as it continues to revamp its business.

Covidien, which makes drugs and medical devices, will pay $22.50 for each share of Plymouth, Minn.-based ev3, a premium of nearly 19 percent over Friday’s closing price.

Ev3’s devices are used in endovascular surgeries, or operations in which surgeons make small incisions and maneuver devices in the body using major blood vessels. Ev3 expects $520 million to $530 million in revenue this year.

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