Stryker announces acquisition of Wright Medical
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Stryker announced it entered a definitive agreement to acquire all issued and outstanding ordinary shares of Wright Medical Group N.V. for $30.75 per share, or a total equity value of around $4 billion and a total enterprise value of around $5.4 billion, according to a press release.
According to the release, the board of directors from Stryker and Wright Medical approved the transaction. Under the agreement terms, the transaction closing is reportedly subject to receipt of applicable regulatory approvals, the adoption of certain resolutions related to the transaction at a general meeting of Wright Medical shareholders, completion of the tender offer and other customary closing conditions. In the second half of 2020, the acquisition is expected to close and should not affect Stryker’s net earnings per diluted share and adjusted net earnings per diluted share in 2019.
“We believe this transaction will provide truly unique opportunities and will create significant value for our shareholders, customers and employees,” Robert Palmisano, executive director, CEO and president of Wright Medical, said in the release. “By merging our complementary strengths and collective resources, we will be able to advance our broad platform of extremities and biologics technologies with one of the world’s leading medical technology companies that shares our vision of delivering breakthrough and innovative solutions to improve patient outcomes.”
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