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Stryker to acquire sterilization company TSO3 for $51.7M

Stryker Corp. has agreed to acquire sterilization technology company TSO3 Inc. in a deal valued at approximately $51.7 million, or C$68.4 million.

Under the terms of the deal, a unit of Kalamazoo, Mich.-based medical-device maker Stryker will acquire all issued and outstanding shares of TSO3 for 43 Canadian cents apiece.

TSO3's board of directors and a special committee have already approved the transaction and recommend that shareholders vote in favor of the deal at an upcoming special meeting.

Quebec City-based TSO3 produces sterilization processes and related supplies for medical devices.

Piper Jaffray is serving as lead financial adviser to TSO3, and Desjardins is advising the special committee. Lavery de Billy LLP and Nexsen Pruet LLC are providing legal counsel to TSO3, and Stikeman Elliott LLP is serving as legal counsel to the special committee and the board. Stryker is receiving legal guidance from Ropes & Gray LLP and Blake Cassels & Graydon LLP.