Medical device company Boston Scientific Corp. intends to pay more than $1 billion to acquire the maker of a lucrative laser system used to treat kidney stones — a system that it already distributes in the U.S.

Boston Scientific, which employs more than 5,000 people in the med-tech industry in Minnesota, said Wednesday it had a definitive agreement to acquire Lumenis LTD's line of surgical lasers and related equipment for an upfront cash payment of $1.07 billion.

The deal is expected to close in the second half of the year, pending closing conditions. The seller is an affiliate of Hong Kong-based Baring Private Equity Asia (BPEA), a private equity firm that invested in February 2020, according to its website.

BPEA lists Lumenis' location as "China/Cross Border," but the website for Lumenis Ltd. says the company is headquartered in Yokneam, Israel. The announcement says BPEA will retain ownership of Lumenis' aesthetics and ophthalmology laser devices.

Massachusetts-based Boston Scientific is already a distributor of Lumenis urology laser systems in the U.S. and Japan. Once acquired, Lumenis' MOSES laser devices will be paired with Boston Scientific's single-use LithoVue ureteroscopes and its line of kidney-stone management devices.

"The acquisition will expand our global footprint throughout Europe and Asia and accelerate the delivery of our robust stone management offerings to more urologists — ultimately serving more patients worldwide — while also improving our top-line growth and margins," Boston Scientific Urology and Pelvic Health President Meghan Scanlon said.

Lumenis' surgical-laser business is expected to generate net sales of $200 million this year. The acquisition is expected to add $0.02 of adjusted earnings per share in 2022 for Boston Scientific, and more thereafter.

Joe Carlson • 612-673-4779