Johnson & Johnson said on Thursday it will sell its ortho clinical diagnostics unit to private equity firm Carlyle Group for $4.15 billion, a year after announcing it was considering spinning off or selling the slow-growing business.
The companies said in separate statements that, if approved, the deal should close in the middle of 2014.
(Read more: 'Things are not cheap,' says dealmaker Rubenstein)
Reuters reported in December that Carlyle was nearing an agreement to buy Johnson & Johnson's ortho clinical diagnostics unit for about $4 billion. It beat the Blackstone Group, which had made a bid with conglomerate Danaher, sources said at that time.
"This transaction is a result of our disciplined approach to portfolio management in order to achieve the greatest value for Johnson & Johnson,'' Johnson & Johnson Chief Executive Officer Alex Gorsky said in a statement.
In January 2013, J&J said it was considering the sale or spin-off of the unit, whose products include equipment for laboratory diagnostics and blood transfusion screening. The unit was ranked fifth among competitors based on sales. J&J's businesses typically rank first or second in their markets.
(Read more: Charter CEO presses 'rich and fair' TWC offer)
Shares of Johnson & Johnson were up 0.2 percent in premarket trading on the New York Stock Exchange.