Stryker Corporation will acquire 100% of the stock of Physio-Control International in an all cash transaction for £892m ($1.28bn)
Physio-Control, which is a portfolio company of Bain Capital Private Equity, develops, manufactures and markets monitors/defibrillators, automated external defibrillators (AEDs) and CPR-assist devices along with data management and support services.
Physio-Control sales for fiscal 2015 totalled £350m ($503m) up 6% in constant currency over the prior year.
Kevin Lobo, chairman and chief executive officer at Stryker, said: "Physio-Control has achieved global leadership positions with a strong brand and customer-centred solutions that can predict or intervene in life-threatening emergencies.
"Physio-Control's focused strategy and their culture will fit well within the EMS (emergency medical service) business of our medical division, further leveraging our existing call pattern. We look forward to welcoming the Physio-Control team to Stryker."
Brian Webster, president and chief executive officer of Physio-Control, said: "Joining Stryker is an exciting next step in the evolution of Physio-Control for both our team and our customers.
“Stryker has a deep understanding of capital equipment and of our core market segments. We will build on the success our team has achieved in partnership with Bain Capital, and further accelerate the execution of our strategy, including continued investment in great product solutions for our customers."
Stryker’s acquisition of Physio-Control is expected to close at the beginning of the second quarter.