This article is more than 5 years old. Information may no longer be current.
Wright Medical and Tornier announce merger
Click Here to Manage Email Alerts
Wright Medical Group has announced that its board of directors and that of Tornier N.V. have unanimously approved a merger agreement between the companies to form Wright Medical Group N.V.
Per the agreement, Wright and Tornier will combine their stock, worth approximately $3.3 billion, and an exchange from Wright to Tornier stock will take place at a ratio of 1:1.0309. The ratio of ownership of Wright Medical Group N.V. between shareholders of Wright and Tornier will be approximately 52% and 48%, respectively, according to a press release from Wright.
Wright Medical Group N.V. will be based out of Memphis, Tenn., where Wright is currently located. Led by Robert Palmisano, president and CEO of Wright Medical, and David Mowry, president and CEO of Tornier, the new company will focus on the extremity and biologics fields.
Palmisano and Mowry will lead the new company as president and CEO, and executive vice president and chief operating officer, respectively. The board of directors of Wright Medical Group N.V. will comprise five members from each of the existing boards of Wright and Tornier.
“Together, we will have one of the most comprehensive upper- and lower-extremity product portfolios in the market, extending our leadership position and further accelerating our growth opportunities and path to profitability, all of which we believe will generate long-term value for our shareholders,” Palmisano said in the press release.