Wright Medical and Tornier Complete Merger

Wright Medical Group Inc. and Tornier NV have successfully completed their previously announced merger. Under the terms of the merger agreement, a wholly-owned subsidiary of Tornier merged with and into Wright Medical Group, with Wright continuing as the surviving company and a wholly-owned subsidiary of Tornier. Upon completion of the merger, Tornier was renamed Wright Medical Group N.V.

Wright Medical Group shares ceased trading on the Nasdaq Global Select Market on Oct 1. Wright Medical Group N.V. ordinary shares will begin trading under the symbol WMGI on the Nasdaq Global Select Market on Friday, Oct. 2.

“The culmination of this merger marks a significant milestone for our company, creating the premier, high-growth Extremities-Biologics company uniquely positioned with leading technologies and specialized sales forces in three of the fastest growing areas of orthopedics – upper extremities, lower extremities and biologics,” said Robert Palmisano, president and CEO of Wright. “By bringing together the extensive and innovative capabilities of both Wright and Tornier, we can extend our leadership position and further accelerate our growth opportunities and path to profitability, all of which we believe will generate long-term value for our shareholders. This is also an exciting day for our employees as we officially join forces to pursue our shared commitment to serving extremities specialists and building the leading global business in this market.”

Under the terms of the transaction, each outstanding share of Wright common stock was exchanged for 1.0309 ordinary shares of Tornier.

Wright Medical Group N.V. will leverage the global strengths of both product brands as a pure play extremities and biologics business, company officials report.

Once integrated, Wright continues to anticipate revenues of the combined business growing in the mid-teens and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margins approaching 20 percent in three to four years. The savings in operating costs expected after the merger is expected to be in the range of $40 million to $45 million. These savings are anticipated fully realize by the third year after completion of the transaction.

Wright’s U.S. headquarters will continue to be located in Memphis, Tenn.