Cardinal Health offers to buy Johnson & Johnson's Cordis business for about $1.94 billion

Cardinal Health is offering to buy a unit of Johnson & Johnson that makes heart devices for approximately $1.94 billion.

Johnson & Johnson's Cordis business, which is based in Fremont, California, had 2014 revenue of about $780 million. The U.S. is its biggest single market, but 70 percent of total sales come from outside the U.S. Cordis has operations in more than 50 countries, including China, Japan, Germany, Italy, France, the U.K. and Brazil.

Cardinal Health expects the proposed deal to add more than 20 cents per share to its fiscal 2017 adjusted earnings from continuing operations. The acquisition is targeted to close toward the end of the year, if Johnson & Johnson accepts the offer.

The Cordis business will report to Don Casey, CEO of Cardinal Health's medical segment, once the acquisition is complete.