Medtronic has acquired a majority interest in Biostar, a joint venture that will distribute the medical device giant’s products in Turkey.
Terms of the deal weren’t disclosed. Biostar is a joint venture between Fridley-based Medtronic and Medicall Biomedikal A.S., based in Istanbul. Medicall has distributed Medtronic products in Turkey under its own name since 2003, and about 85 of Medicall’s 130 employees will be transferred to Biostar.
At the same time, two former Medicall executives have become part of Medtronic Turkey. Ayhan Ozturk, the former Medicall CEO, will be the managing director of Medtronic Turkey. Atilla Kucukyalcin, former vice president of sales and marketing for Medicall, will become the head of the Medtronic Turkey CardioVascular Group.
Date: April 7, 2014