Waltham-based medical testing company Inverness Medical Innovations Inc. said today it has agreed to buy Matria Healthcare Inc.

The total transaction consideration will be approximately $1.18 billion, consisting of approximately $900 million to acquire the Matria shares of common stock and assumption of approximately $280 million of Matria’s indebtedness outstanding, Inverness said.

Matria, headquartered in Georgia, is a provider of health enhancement, disease management, and high-risk pregnancy management programs and services.

Inverness said it has agreed to acquire all outstanding shares of common stock of Matria for $39.00 per share, payable $6.50 in cash plus $32.50 in convertible preferred stock of Inverness (convertible at $69.32, a premium of 30% over the prior five day closing average price of Inverness shares) or, at the election of Inverness, in cash.

Inverness has been embarked an expansion strategy as part of plan to become a powerhouse in the field of point-of-care diagnostics.

Commenting on the proposed transaction of Matria, Inverness chief executive Ron Zwanziger said in a statement: “We view the acquisition of Matria as an important part of our overall health management growth strategy. In addition to Matria’s substantial position in the disease management, productivity enhancement and informatics markets, Matria brings specialized expertise in women’s health which will complement our rapid diagnostics in that area.”
(By Chris Reidy, Globe staff).