Water Street Buys Physiotherapy Associates

Stryker Corp. (NYSE: SYK) has sold its outpatient physical therapy business, Physiotherapy Associates, to Water Street Healthcare Partners for approximately $150 million in cash. Water Street also has committed an undisclosed amount of additional equity capital to enable Physiotherapy Associates' growth via acquisitions. Under the terms of the deal, Stryker will retain responsibility for certain cash damages to be paid in connection with a DoJ investigation of Physiotherapy Associates' billing and coding practices. The Company's liability for such damages has been fixed under the sale agreement, with interest to be accrued. www.stryker.com www.wshp.com