Medtronic Finds A Home For Physio-Control With $487 Mil. Sale To Bain
This article was originally published in The Gray Sheet
Five years after Medtronic said it was interested in unloading Physio-Control, private equity firm Bain Capital will acquire the emergency-response device unit, for the second time in 20 years.
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Automated external defibrillator firm Physio-Control will sit in Stryker's existing Emergency Medical Services business once the $1.28 billion acquisition is complete. The expanded division will be "the segment leader in EMS equipment,” Stryker says.
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Medtronic plans to lay off 4%-5% of its workforce to cut costs and will renew efforts to divest its Physio-Control automated external defibrillator business, the firm announced Feb. 22 in conjunction with its fiscal third-quarter financial results.