Stryker purchased NOVADAQ Technologies for $701 million.
Here are five things to know:
1. Stryker entered into a definitive agreement with the Canada-based NOVADAQ Technologies, which develops fluorescent imaging technology for blood flow visualization in vessels and tissue perfusion related to cardiac, cardiovascular, gastrointestinal, plastic, microsurgical and reconstructive procedures.
2. Under the agreement, Stryker will pay $11.75 per share, with a net purchasing price of $654 million and approximately $47 million in cash, totaling around $701 million.
3. The transaction is subject to customary closing conditions, including NOVADAQ shareholders approval, under the Canada Business Corporations Act.
4. Stryker estimates no change to the 2017 adjusted net earnings per diluted share and figures the transaction will be neutral to the company's earnings through 2018 and accretive thereafter.
5. Stryker's outside legal counsel for the transaction was Covington & Burling and Osler, Hoskin & Harcourt.
"This acquisition aligns with Stryker's focus on enabling our customers to see and do more by enhancing cross-specialty surgical visualization," said Timothy J. Scannell, Stryker's group president of medsurg and neurotechnology.