05.29.15
Zimmer Holdings Inc. is inching closer to its planned $13.4 billion purchase of orthopedic rival Biomet Inc.
On May 28, the company announced today that it finalized agreements with buyers to divest in the United States certain Zimmer Unicompartmental High-Flex Knee System assets, Biomet Discovery Elbow System assets and Cobalt bone cement assets. The company’s announcement did not name who the buyers. Zimmer officials did not return calls for clarification.
“Zimmer continues to work constructively with the Bureau of Competition Staff of the U.S. Federal Trade Commission (FTC) and is highly confident that within the next few weeks it can finalize the agreement in principle it reached previously with FTC staff to resolve FTC staff's competitive concerns regarding the proposed acquisition,” Zimmer executives said in prepared remarks.
Mid-June is the expected date for the finalized deal.
The divestiture agreements are subject to further review by the FTC and acceptance of a consent order by FTC officials. The European Commission and the Japan Fair Trade Commission have cleared Zimmer's proposed acquisition of Biomet.
Zimmer and Biomet are headquartered in Warsaw, Ind.
On May 28, the company announced today that it finalized agreements with buyers to divest in the United States certain Zimmer Unicompartmental High-Flex Knee System assets, Biomet Discovery Elbow System assets and Cobalt bone cement assets. The company’s announcement did not name who the buyers. Zimmer officials did not return calls for clarification.
“Zimmer continues to work constructively with the Bureau of Competition Staff of the U.S. Federal Trade Commission (FTC) and is highly confident that within the next few weeks it can finalize the agreement in principle it reached previously with FTC staff to resolve FTC staff's competitive concerns regarding the proposed acquisition,” Zimmer executives said in prepared remarks.
Mid-June is the expected date for the finalized deal.
The divestiture agreements are subject to further review by the FTC and acceptance of a consent order by FTC officials. The European Commission and the Japan Fair Trade Commission have cleared Zimmer's proposed acquisition of Biomet.
Zimmer and Biomet are headquartered in Warsaw, Ind.