Stryker has entered into a definitive agreement to acquire 100% of the issued and outstanding stake in spine solutions maker K2M Group in an all-cash deal valued at about $1.4bn.

Founded in 2004, K2M Group focuses on developing complex and minimally invasive spine technologies and techniques designed to achieve three-dimensional Total Body Balance.

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The K2M portfolio will complement Stryker’s spine business while also providing support with an established footprint in the complex spine market.

“Subject to customary closing conditions and approvals, the acquisition is set to be completed in the fourth quarter of this year.”

Stryker expects the acquired business to bolster its Spine offerings in the core spinal segment and expand its additive manufacturing capabilities.

Stryker chairman and CEO Kevin Lobo said: “This acquisition underscores our commitment to the spinal market, which is the largest segment of Orthopaedics with significant unmet needs.

“We believe K2M will significantly enhance our presence with surgeons, patients and employees in both the spine and related neurotechnology markets.”

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Subject to customary closing conditions and approvals, the acquisition is set to be completed in the fourth quarter of this year.

After closing of the deal, K2M will become a wholly-owned subsidiary of Stryker. Furthermore, K2M Group chairman, CEO and president Eric Major is expected to be appointed as Stryker Spine division president.

Major said: “Stryker’s established leadership in the orthopaedic and neurosurgical market, combined with K2M’s culture of innovation and leadership in complex spine and minimally invasive solutions, represent a powerful opportunity for Stryker to strengthen its leadership in the $10bn global spine market.”