Stryker agrees to acquire Physio-Control for $1.28 billion

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Stryker Corporation agreed to buy Physio-Control International on Feb. 16 for $1.28 billion in an all-cash deal.

Bain Capital, a private equity firm,  acquired Physio-Control from Medtronic in November 2011 for approximately $487 million in cash.

Physio-Control, which was founded in 1955, develops, manufactures and markets monitors/defibrillators, automated external defibrillators and CPR-assist devices. Stryker  said in a news release that Physio-Control will complement Stryker Medical’s Emergency Medical Services offering.

For fiscal 2015, Physio-Control’s sales increased 6 percent to $503 million.

Stryker said the deal was subject to customary closing conditions but should be completed by the second quarter of 2016. Stryker expects the deal to be accretive to adjusted earnings per share (EPS) in 2016 and 2017.

Stryker also revised its adjusted EPS guidance to $5.57-$5.7 in 2016, an increase of 8.8-12.7 percent.