Medtronic to sell off Physio-Control business unit

Medtronic has agreed a deal to sell off its emergency medical response technology business unit Physio-Control to Bain Capital.

The private investment firm is to purchase the company, which provides treatment options for use in cardio-respiratory and other medical emergencies, has been purchased for approximately $487 million (312.83 million pounds).

Physio-Control offers products including Lifepak, Lucas 2 and the Lifenet System and is the world leader in its field, with nearly 1,000 employees worldwide.

Medtronic explained that the sale of the company to Bain Capital, which will be completed in the first quarter of next year, will support its next stage of growth.

Omar Ishrak, chairman and chief executive officer of Medtronic, said: "We believe Physio-Control will be well-positioned … to continue its lifesaving mission to serve emergency responders, hospital care teams and their patients around the world."

This week, the company also published its financial results for the quarter ending on October 28th 2011, during which its revenues grew by six percent year on year to $4.13 billion.