Commissions OK Zimmer, Biomet DealPosted: Updated:
Zimmer Holdings Inc.'s (NYSE: ZMH) $13.4 billion deal to buy Biomet Inc. is closer to completion. The acquisition has received preliminary clearance from the European Commission and approval from the Japan Fair Trade Commission. The company expects the transaction to close next month. March 31, 2015
WARSAW, Ind. (March 30, 2015) - Zimmer Holdings, Inc. (NYSE and SIX: ZMH) ("Zimmer") announced today that the European Commission ("EC") has conditionally cleared Zimmer's proposed acquisition of Biomet Inc. ("Biomet"). The EC's clearance is conditioned upon Zimmer entering into agreements with a suitable buyer to divest certain assets comprising the remedy package previously submitted to the EC. Zimmer expects to enter into such agreements in the near term. As previously announced, the proposed transaction also received clearance from the Japan Fair Trade Commission.
The transaction remains subject to clearance by the U.S. Federal Trade Commission, as well as other customary closing conditions.
Zimmer noted that it is pleased with and encouraged by the progress to date with the overall regulatory process and expects to close the transaction in April 2015.
Under the terms of the merger agreement announced on April 24, 2014, Zimmer will acquire Biomet in a cash and stock transaction valued at approximately $13.35 billion, including the assumption of net debt.
About the Company
Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer designs, develops, manufactures and markets orthopaedic reconstructive, spinal and trauma devices, dental implants and related surgical products. Zimmer has operations in more than 25 countries around the world and sells products in more than 100 countries. Zimmer's 2014 sales were approximately $4.7 billion. Zimmer is supported by the efforts of more than 9,000 employees worldwide.