Medtronic has signed a definitive agreement to acquire ATS Medical for the approximate price of $370 million, which includes the purchase of ATS' stock and assumption of net debt.

The Minneapolis-based ATS develops and markets products and services focused on cardiac surgery, including heart valves and cryoablation technology. The company’s Open-Pivot bileaflet mechanical and 3f pericardial valve technology, along with its CryoMaze family of ablation products, are directed toward cardiac surgeons.

Medtronic, also headquartered in Minneapolis, said ATS’ products would be rolled into its cardiovascular unit, if the acquisition is approved.

The transaction is subject to customary closing conditions, including approval by ATS Medical’s shareholders and U.S. and foreign regulatory clearances.