StrykerStryker (NYSE:SYK) announced today that it entered into a definitive merger agreement to acquire Vocera Communications (NYSE:VCRA).

Kalamazoo, Michigan-based Stryker agreed to acquire all issued and outstanding shares of common stock of Vocera for $79.25 per share, reaching a total equity value of approximately $2.97 billion and a total enterprise value of approximately $3.09 billion.

Vocera provides digital care coordination and communication offerings, including the hands-free Vocera Smartbadge. Mobile workers can choose devices for their role or task, including smartphones or one of the company’s wearable communication devices, and use voice commands to reach people by name, role or group, according to a news release.

Stryker said Vocera’s portfolio will help the company address the increasing need for hospitals to connect caregivers and disparate data-generating medical devices, driving efficiencies and improving safety and outcomes. The company noted that Vocera’s software and hardware solutions complement its advanced digital healthcare offerings.

“This acquisition underscores our commitment and focus on our customer,” Stryker Chair & CEO Kevin Lobo said in the release. “Vocera will help Stryker significantly accelerate our digital aspirations to improve the lives of caregivers and patients.”

Under the agreement, Stryker will commence a tender offer for all outstanding shares of common stock of Vocera. Both companies’ boards of directors have unanimously approved the transaction, which is expected to close in the first quarter of 2022 with a neutral impact on net earnings per diluted share in 2022.

“Today’s milestone represents an exciting opportunity for Vocera given the clear alignment of mission, goals and culture between our two organizations and our ability to drive even greater economic and clinical value for our customers,” Vocera Chairman & CEO Brent Lang said.

BTIG analyst Ryan Zimmerman wrote in a report that the acquisition is a “natural fit,” despite the fact that it doesn’t align with “core medtech” aims.

“The combination of products such as VCRA’s paired beds, ambulation equipment, and patient transport go hand-in-hand,” Zimmerman wrote. “With VCRA’s low-teens growth profile, sticky product and service revenues, and in-line margin profile we think investors should welcome the transaction.”