Boston Scientific reaps $120m from business sale

Boston Scientific Corp., a Natick-based medical device company, said it expects to record an after-tax gain of about $120 million in connection with its previously announced plan to sell its fluid management and venous access businesses.

In December, Boston Scientific announced plans to sell those businesses to Avista Capital Partners, a private equity firm, for $425 million.

Boston Scientific said today that it has completed that sale and that it expects to record the after-tax gain during the first quarter of 2008.

The sale completes the company's plan to divest five "nonstrategic businesses," Boston Scientific president and chief executive Jim Tobin said in a statement.
(By Chris Reidy, Globe staff)