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Johnson & Johnson has accepted an offer of about $2.1 billion for its LifeScan business from private equity firm Platinum Equity.
J&J announced in March it received the firm's offer for the blood glucose monitor business, which generated net revenue of about $1.5 billion last year. The deal is expected to close by the end of the year.
"This is an important investment for us in a business that serves millions of patients around the world," Platinum Equity Chairman and CEO Tom Gores said in a statement in March.
The transaction was included in the earnings forecast J&J gave in January.
Last year, J&J said it was reviewing strategic options for several of its diabetes businesses, including LifeScan, Calibra Medical and Animas. In October, J&J announced it had decided to close Animas and exit the insulin pump market. It chose Medtronic as its partner to transition current patients.
Shares of J&J dipped 0.4 percent in after-hours trading.