Biomet Acquisition Complete
The deal from a private equity firm to purchase Biomet, Incorporated, a manufacturer of orthopaedic devices and equipment, completed on September 25th. The purchase price for the Indiana based company was $11.4 billion, as published in the Indianapolis Star.
The company’s stock trading halted on the NASDAQ exchange. Early this month, the deal was approved by the company’s shareholders. The June offer, representing the purchase price, was detailed on Hospital Buyer. The final sale price was 4.5 percent higher than the original offer of $10.9 billion.
The company’s primary line of business are hip and knee implants used by orthopaedic surgeons. Additional products for spine and trauma indications are available, but have not performed well for the company. The new acquisition may provide the company the opportunity to re-focus efforts and improve their existing products which are successful.
The 6,300 company employees are expected to remain in the company’s current location in Warsaw, Indiana. This site is about an hour south of South Bend, Indiana.
September 27, 2007 Related topics: Mergers & Acquisitions, Corporate Financials, Orthopedic