(Reuters) -Zimmer Biomet said on Tuesday it would acquire medical device company Paragon 28 for about $1.1 billion to expand its portfolio of orthopedic surgical devices.

The deal will give Zimmer Biomet access to Paragon's surgical implants and equipment used to treat foot and ankle ailments.

Under the terms of the deal, Zimmer Biomet will make an upfront payment of $13.00 per share in cash, which represents an 8.3% premium to Paragon's closing price on Tuesday.

Shares of Paragon 28 rose 8.4% in extended trading.