Medical device maker Medtronic Inc., of Minneapolis, today announced its plans to buy Montreal-based Cryocath Technologies Inc. for approximately $380 million.

Looking to expand its treatment portfolio for heart conditions, Medtronic said it will pay $8.75 Canadian per share to buy the remaining shares of Cryocath, whose key product, the Arctic Front system, treats abnormal heart rhythms using cryoablation technology.

The deal represents a 97 percent premium to CryoCath’s closing price on Sept. 24, which was 4.44 Canadian dollars on the Toronto Stock Exchange, according to the Associated Press.

CryoCath’s board of directors has unanimously recommended for shareholders to approve the buyout.

The deal is anticipated to close during the fourth quarter.