Stryker Buying Physio-Control for $1.28 Billion

Kalamazoo, Mich.-based Stryker Corporation has agreed to acquire 100 percent of the stock of Redmond, Wash.-based Physio-Control International, Inc. in an all-cash transaction.

Stryker Corporation is buying Physio-Control International, Inc. in an all-cash transaction for $1.28 billion, the two companies announced Feb.17. Physio-Control, a privately held company of Bain Capital Private Equity, develops, manufactures, and markets monitors/defibrillators, automated external defibrillators, and CPR-assist devices, as well as data management and support services. The company is based in Redmond, Wash. Stryker, based in Kalamazoo, Mich., offers a broad array of medical products in medical & surgical, reconstructive, and neurotechnology and spine categories, including EMS products.

Stryker's announcement said the Physio product portfolio "is highly complementary to Stryker Medical's EMS offering and will drive a greater balance between capital and disposables. Physio-Control also brings an enhanced presence and infrastructure that will expand Stryker's global footprint." It says Physio-Control's sales for fiscal 2015 totaled $503 million; publicly traded Stryker's 2014 sales were $9.675 billion and its adjusted net earnings that year were $1.810 billion.

"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 Kevin A. Lobo, Stryker's chairman and CEO. "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. We look forward to welcoming the Physio-Control team to Stryker."

"Joining Stryker is an exciting next step in the evolution of Physio-Control for both our team and our customers," said Brian Webster, Physio's president and CEO. "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."

The acquisition is expected to close at the beginning of the second quarter. This is the third acquisition Stryker has announced in February 2016 alone, following a fairly active acquisition pace in 2014-2015. The other two February 2016 announcements were Stryker's agreement to acquire Synergetics USA, Inc.'s neuro portfolio and also to acquire Sage Products, LLC for $2.775 billion. Sage develops, manufactures, and distributes disposable products targeted at reducing "Never Events," primarily in the intensive care unit and medical/surgical hospital unit settings.

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