Communication equipment maker TE Connectivity said it would buy Galway-based medical device maker Creganna Medical group for $895 million ( €819 million) in cash.

Creganna Medical Group, which is owned by Permira Funds, makes medical equipment and devices that are used in minimally invasive procedures.

Founded in Ireland in 1979 as an engineering outsourcing company, Creganna has specialised solely in medical devices since 2003, the company said on its website. It is a major outsourced supplier of minimally invasive devices to the medical device sector and now employs more than 2,000 people worldwide.

Permira acquired Creganna in 2010 in a transaction that valued the company at €223 million. Since then, Permira has expanded the company through acquisitions, as well as increased sales in high-growth markets, the private equity firm said on its website.

The company has plants in Minnesota, California and Oregon in the United States, as well as in Costa Rica, Singapore and China

- Reuters/Bloomberg