By Prudence Ho

HONG KONG--Medical devices maker Medtronic Inc. (MDT) said Friday it agreed to buy China Kanghui Holdings (KH) for $816 million in cash, in a move to enter China's medical device market.

Medtronic will pay $30.75 per American Depository Share, representing a 22.5% premium to Kanghui's Thursday closing price of $25.11 on the New York Stock Exchange.

"Kanghui represents a significant investment in China, accelerating Medtronic's overall globalization strategy," Medtronic Chief Executive Omar Ishrak said in a statement.

The transaction is likely to close in the next few months and is subject to approval from the shareholders of Kanghui.

Kanghui was founded in 1997 and is headquartered in Changzhou.

Write to Prudence Ho at prudence.ho@wsj.com

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