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Zimmer receives European Commission clearance for Biomet merger
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The European Commission has conditionally cleared a proposal from Zimmer Holdings to acquire Biomet, according to a company press release.
If the acquisition is approved by all parties and made official, Zimmer will acquire Biomet in a cash and stock transaction valued at approximately $13.35 billion, including the assumption of net debt. The merger agreement was originally announced on April 24, 2014.
As previously announced, the acquisition has also been approved by the Japan Fair Trade Commission. The European Commission’s clearance is conditioned upon Zimmer entering into agreements with a suitable buyer to divest certain assets comprising the remedy package previously submitted, according to the release.
Before the acquisition can be finalized, Zimmer must receive clearance from the U.S. Federal Trade Commission, as well as other customary closing procedures.
The company expects the acquisition to be closed in April 2015, according to the release.
Reference: www.zimmer.com.