Stryker buying Physio-Control for $1.28 billion

KALAMAZOO, Mich. – Medical technology company Stryker is buying Physio-Control International Inc. for $1.28 billion, which will help expand its product offerings and broaden its global reach.

Privately held Physio-Control develops, makes and markets monitors/defibrillators, automated external defibrillators, CPR-assist devices and data management and support services. The company had fiscal 2015 sales of $503 million.

The transaction is expected to close at the start of the second quarter.

Shares of Stryker Corp., which is based in Kalamazoo, Michigan, rose 7 cents to $97.40 in afternoon trading.