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Medical device maker Stryker to buy Hong Kong's Trauson for $764 million
(Reuters) - Medical device maker Stryker Corp (SYK.N) said it will buy Hong Kong-based Trauson Holdings Co Ltd (0325.HK) for $764 million in cash to expand in China, one of the fastest-growing markets for orthopedic products.
Stryker will pay HK$7.50 ($0.97) for every share of Trauson. The offer is at a premium of about 45 percent to Trauson's closing price on January 8, when the shares were halted on the Hong Kong Stock Exchange.
Founded in China in 1986, orthopedics firm Trauson had sales of about $60 million in 2011 and makes spine devices and products for trauma surgeries.
"With its research and development expertise, manufacturing capabilities and strength of its distribution network, Trauson is a compelling opportunity for Stryker to drive growth in China and other emerging markets for years to come," Stryker CEO Kevin Lobo said in a statement.
Stryker, which has a market capitalization of nearly $23 billion, makes surgical implants, spine devices and various other medical equipment.
Trauson's controlling shareholder, Luna Group, has agreed to tender 61.7 percent of Trauson shares.
Barclays Capital advised Stryker on the deal, which is expected to close by the end of the second quarter.
The deal is expected to be neutral to Stryker's 2013 earnings, excluding related charges, and will add thereafter.
Stryker shares have risen about 12 percent over the last six months and closed at $59.43 on the New York Stock Exchange on Wednesday.
Shares of Trauson have more than doubled over the last year.
($1 = 7.7527 Hong Kong dollars)
(Reporting by Esha Dey in Bangalore; Editing by Saumyadeb Chakrabarty and Don Sebastian)
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