Medtronic, Inc. (NYSE:MDT) today closed the sale of its Physio-Control defibrillator business to Bain Capital for $478 million in cash.

The deal, first announced in November 2011, included the promotion of Brian Webster from president to CEO of newly independent automated external defibrillator maker.

"Physio-Control is a market leader at the forefront of emergency response technology, with a well-earned reputation for sophisticated products that emergency responders and medical professionals rely on to save lives," Bain Capital managing director Chris Gordon said in prepared remarks. "Building on that legacy of innovation and a loyal customer base, we are excited to support Brian and his team in achieving even greater success."

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Fridley, Minn.-based Medtronic’s CEO Omar Ishrak said in October 2011 that the company was considering selling Physio-Control, with an eye toward equity markets.

Medtronic has been shopping the business since 2006, saying it would do better as a stand-alone operation. But Physio-Control has been a headache since the company first announced its desire to sell, due to a series of recalls in 2009 and 2010.

Just weeks later, Medtronic agreed to offload Physio-Control to Bain, expecting to use a portion of the proceeds to offset any potential dilutive impacts from the transaction, the company said in a press release.