Zimmer Biomet completes spinoff of former dental and spine business ZimVie
Zimmer Biomet Holdings Inc. has completed the spinoff of ZimVie, the company’s former dental and spine business, through the distribution of 80.3% of ZimVie shares to Zimmer Biomet common stockholders, according to a press release.
As of March 1, ZimVie shares will begin trading on the Nasdaq under the symbol “ZIMV,” according to the release. Zimmer Biomet stockholders will receive one share of ZimVie common stock for every 10 shares of Zimmer Biomet common stock.
“The spinoff of ZimVie marks a major milestone in the active portfolio management of Zimmer Biomet as we continue to strengthen our position as a global leader in the medtech space,” Bryan Hanson, chair, president and CEO of Zimmer Biomet, said in the release. “We are confident that this transaction will create shareholder value for both companies and will allow us to increase our focus and enhance revenue growth for our core businesses.”