Minneapolis-headquartered Medtronic, Inc. has signed a definitive agreement to acquire CoreValve, Inc., developer of a transcatheter, transfemoral aortic valve replacement product.

The agreement calls for an initial payment of $700 million plus additional payments contingent upon the achievement of agreed milestones. The CoreValve's board and shareholders have already approved the acquisition, which is subject to regulatory clearance.

In a separate release today, Medtronics informed that the company has acquired Ventor Technologies Ltd., a developer of transcatheter heart valve technologies for the treatment of aortic valve disease. The company will acquire Ventor for a payment of $325 million.

Medtronic, Inc. is the global leader in medical technology - alleviating pain, restoring health and extending life for millions of people around the world.

The scrip of the company is presently trading at $34.92 on NYSE, up 3% compared to previous close of $34.