Medical device maker Stryker (SYK) announced on Tuesday that it plans to buy Physio-Control International for $1.28 billion to expand its emergency medical services business.
Physio-Control, founded in 1955, is a unit of Bain Capital Private Equity. It develops, manufactures, and markets cardiac devices such as automated external defibrillators, or AEDs.
The deal is an all-cash transaction. Stryker believes Physio-Control’s business complements its existing Emergency Medical Services business “and will drive a greater balance between capital and disposables.” The acquired company will also help expand Stryker’s international presence.
Stryker was one of Coins2Day’s 100 Best Companies to Work For in 2015.
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Physio-Control sales for fiscal 2015 totaled $503 million.
“Physio-Control has achieved global leadership positions with a strong brand and customer-centered solutions that can predict or intervene in life-threatening emergencies,” said Stryker CEO Kevin Lobo in a statement. “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 deal is expected to close at the beginning of the second quarter.
With additional reporting from Reuters.