UPDATE 1-Boston Scientific to sell two businesses for $425 mln

(Adds details on sale)

NEW YORK, Dec 13 (Reuters) - Medical device maker Boston Scientific Corp (BSX.N) will sell its Fluid Management and Venous Access businesses for $425 million in cash to private equity firm Avista Capital Partners, the companies said on Thursday.

The combined Fluid Management and Venous Access businesses will operate as an independent company under a new name when the deal closes, Avista said. Revenue for the two divisions is expected to be about $170 million in 2007.

Ron Sparks, a healthcare industry advisor for Avista, will be the new company's chief executive officer and chairman, while Dave McClellan, president of Boston Scientific's oncology division, will be its president.

Subject to regulatory approval, the transaction is expected to close in the first quarter of 2008.

The sale is part of Boston Scientific's restructuring plans. In October, the company said it would cut its work force and restructure or sell several business units, in an effort to reduce operating expenses.

With the sale, the company has divested all five non-strategic units it had previously planned to sell, and is "well under way" with its cost cutting and head count reduction plan, Chief Executive Jim Tobin said in a statement. (Reporting by Aarthi Sivaraman; Editing by Gary Hill and Carol Bishopric)