Wayne’s Teleflex saw its shares surge by more than $6 after the company announced that it has agreed to acquire Vascular Solutions, a maker of heart catheters and other cardiology devices based in Minneapolis, for $1 billion in cash, writes Joseph DiStefano for the Philadelphia Inquirer.

The deal also boosted Vascular’s shares, increasing their value to the highest level in the company’s history. According to Morgan Stanley analyst David Ryan Lewis, Teleflex is paying just a narrow premium for Vascular, which is exceedingly rare.

“It’s the right time to sell,” said Vascular CEO Howard Root, who is ready to retire after successfully running the company for 20 years.

Teleflex, with sales of $1.8 billion a year, said that Vascular will boost profits with its rapid growth. Sales at Vascular are estimated at $160 million for this year, up from $147 million last year.

However, immediately after the announcement, law firm Rigrodsky & Long posted a notice stating that it is investigating “whether Vascular Solutions’ Board of Directors failed to adequately shop the Company and obtain the best possible value for Vascular Solutions’ shareholders.”

Read more about the acquisition in the Philadelphia Inquirer here, and check out previous VISTA Today coverage of Teleflex here.