Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) is on-track to add a French company. In a filing with the U.S. Securities and Exchange Commission, the medical device manufacturer says the deal initially involves the acquisition of nearly 60 percent of outstanding Medtech SA shares.
To comply with French regulations, a wholly-owned subsidiary of Zimmer Biomet will be launched and will begin the process of purchasing remaining shares of Medtech stock. Zimmer Biomet says each share of stock will be purchased for €50 from Medtech. Each of the companies’ respective boards have approved the first stock purchase.
The full deal will need approval of the Autorité des marchés financiers. Plans call for four Zimmer Biomet representatives to fill the Medtech board.
If all terms of the deal are complete, Zimmer Biomet says it plans to continue operations at Medtech’s current French headquarters, which will become a center of excellence for robotic development activities. Current Medtech CEO Bertin Nahum will remain with the company to lead the operation.
Medtech designs, develops and markets robotic applications that assist surgeons during medico-surgical interventions, which the company says creates safer, more efficient, less invasive treatment.
Last week, Zimmer Biomet announced the completion of yet another acquisition this year, a Texas-based spine technology business.