US-based medical technology firm Stryker has completed the acquisition of Physio-Control International, a portfolio company of Bain Capital Private Equity, for $1.28bn.
Physio-Control is a developer, manufacturer and marketer of monitors / defibrillators, automated external defibrillators (AEDs) and CPR-assist devices along with data management and support services.
Earlier this year, Stryker entered into a definitive agreement to acquire 100% of the stock of Physio-Control International on the basis of a cash transaction.
The transaction has been concluded after the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and complying with the customary closing conditions.
At the signing of the agreement Stryker chairman and CEO Kevin Lobo said: "Physio-Control has achieved global leadership positions with a strong brand and customer-centered solutions that can predict or intervene in life-threatening emergencies.
"Physio-Control’s focused strategy and their culture will fit well within the EMS business of our Medical division, further leveraging our existing call pattern."
The addition of Physio-Control’s services into Stryker’s existing portfolio is expected to drive a balance between capital and disposables.
The transaction is said to augment Stryker’s current year adjusted net earnings per diluted share.
The transaction involved Skadden, Arps, Slate, Meagher and Flom as Stryker’s as outside legal counsel while Bain Capital Private Equity has used Citi and Jefferies as financial advisors and Kirkland & Ellis as their legal counsel.
Earlier this week Stryker acquired Sage, a provider of health and personal care products, for $2.76bn from Madison Dearborn Partners.