In its second billion-dollar acquisition of the month, medical technology company Stryker (SYK) - Get Report on Tuesday revealed a $1.28 billion cash deal for private equity-backed defibrillator maker Physio-Control International.

The seller is Bain Capital Private Equity, which in January 2012 bought Physio-Control from Stryker rival Medtronic (MDT) - Get Report for approximately $487 million in cash.

The acquisition will be funded with cash and newly issued debt, Stryker said. The transaction is expected to close at the beginning of the second quarter, pending approvals including the Hart-Scott-Rodino Antitrust Improvements Act.

Founded in 1955, Physio-Control makes monitors, defibrillators, automated external defibrillators, or AEDs, and CPR-assist devices that are used by hospitals and emergency response personnel. The company also offers related data management and support services to support caregivers.

Led by president and CEO Brian Webster, Physio-Control is headquartered in Redmond, Wash., and also has facilities in Duluth, Minn., Northern Ireland, Sweden and the Netherlands.

Physio-Control generated $503 million in sales during fiscal 2015, with 60% of sales in the U.S..

The price Stryker is paying implies a deal multiple of about 2.5 times Physio-Control's sales.

The acquisition complements Stryker Medical Emergency Medical Services business, giving it a greater diversification into disposable vs. capital offerings, and will also bolster the company's global presence, Stryker said.

Kalamazoo, Mich.-based Stryker, led by Chairman and CEO Kevin A. Lobo (pictured above), has been active on the M&A front this year so far.

Stryker announced on Feb. 1 an approximately $2.8 billion deal forSage Products, a Cary, Ill.-based maker of disposable health care products concentrated on preventing ventilator-associated and other hospital-acquired conditions.

Speculation has persisted that Stryker is preparing for a megadeal for London-based orthopedic-focused medical equipment company Smith & Nephew (SNN) - Get Report , with December reports suggesting a a deal valued at close to $18 billion.

Stryker shares remained relatively flat following Tuesday's announcement, adding about 0.25% to $97.59 in Tuesday trading.