Stryker Corp. announced today that it closed on the $1.28 billion acquisition of Physio-Control International Inc.
The Kalamazoo-based Stryker (NYSE: SYK) paid cash to acquire the Redmond, Wa.-based Physio-Control from Bain Capital Private Equity. Physio-Control, a producer of monitors, defibrillators and CPR-assist devices, had sales of $503 million last year. Stryker expects the acquisition “to be slightly accretive” to 2016 adjusted earnings, according to a statement.
This deal was the third that Stryker has closed in less than a week. The company announced April 1 that it had closed on the acquisition of the neuro portfolio from O’Fallon, Mo.-based Synergetics USA Inc. The portfolio included two Stryker products as well as the Malis generator and Spetzler Malis disposable forceps. The portfolio generated $31 million in sales to OEMs in 2015.
Stryker also closed April 1 on the acquisition of Sage Products LLC, a maker of disposable products for hospital intensive care, medical and surgical units. Stryker paid $2.77 billion in cash to private equity firm Madison Dearborn Partners. The Cary, Ill.-based Sage had sales of $430 million in 2015, a 13-percent increase from the prior year.