Stryker will acquire Wright Medical Group for a total enterprise value of about $5.4 billion.
Memphis, Tenn.-based Wright Medical Group is a global medical devicemaker that focuses on extremities and biologics.
Stryker, a Fortune 500 medical devicemaker based in Kalamazoo, Mich., said the acquisition will provide "significant opportunities to advance innovation, improve outcomes and reach more patients."
The acquisition is expected to close in the second half of 2020 and won't have an effect on Stryker's net earnings until 2021.
Read the full news release here.