Stryker Corp. has agreed to shell out $1.28 billion for Physio-Control, a portfolio company of Bain Capital Private Equity that makes monitors and defibrillators, automated external defibrillators and CPR-assist devices along with offering data management and support services. 

Stryker said Physio-Control’s will compliment its emergency medical services offering. The company also expects the acquisition to drive a greater balance between capital and disposables. Physio-Control sales for fiscal 2015 totaled $503 million, up 6 percent in constant currency over the prior year. 

Chris Gordon, a managing director at Bain Capital, said the portfolio company has added significant operational strength and made substantial investments in R&D to accelerate the development and launch of its next-generation product lines. 

Stryker expects to close the acquisition at the beginning of the second quarter and said the deal will be slightly accretive to the company’s adjusted per share earnings in 2016. The revised adjusted 2016 EPS guidance reflecting the Physio-Control acquisition is now $5.57 to $5.77 up 8.8 percent to 12.7 percent, which includes a 2.5 percent negative foreign exchange rate impact. 

Skadden, Arps, Slate, Meagher & Flom LLP are serving as outside legal counsel for Stryker in connection with this transaction. Citi and Jefferies LLC acted as financial advisors and Kirkland & Ellis LLP served as legal counsel to Bain Capital.