FORT LAUDERDALE, Fla. (AP) -- Stryker is buying Mako Surgical for about $1.41 billion, giving the medical device maker access to all of its robotic assisted surgery technology.
Stryker will pay $30 per Mako share, an 86 percent premium to its $16.17 closing price Tuesday. The companies put the deal's value at about $1.65 billion.
Mako Surgical Corp., based in Ft. Lauderdale, Fla., has approximately 47 million outstanding shares, according to FactSet.
Stryker CEO Kevin Lobo says Mako's robotic technology has long-term potential for human joint reconstruction.
The transaction must still be approved by Mako shareholders.
Shares of Stryker Corp., based in Kalamazoo, Mich., shed 49 cents to $70.34 in premarket trading Wednesday.