Affiliates of private investment firm Bain Capital are taking over Washington-based emergency medical response technology provider Physio-Control from medical device maker Medtronic. The stock of Physio-Control and associated entities will be bought for nearly $487 million cash. Medtronic intends to use a part of the proceeds to offset any potential dilutive impact from this deal to fiscal year 2012 non-generally accepted accounting principles earnings per share.
Physio-Control’s current president Brian Webster will continue to head the company and will be named CEO after closing of the deal in the first quarter of 2012. Citigroup Global Markets and RBC Capital Markets, also financial advisers to Bain Capital, are providing non-equity funding for the deal. Goldman Sachs was financial adviser and Skadden, Arps, Slate, Meagher & Flom legal adviser to Medtronic. Kirkland & Ellis was legal adviser to Bain Capital.
Click here for the release from Medtronic.