Mon, Jul. 18, 10:27 AM
- Zimmer Biomet Holdings (ZBH +0.3%) announces its intent to acquire all the outstanding shares of French medical technology firm Medtech SA for €50 a share or ~€120M. Zimmer has already purchased 1,406,511 shares representing a 58.77% stake, including all the outstanding convertible bonds and warrants previously issued by Medtech to Ally Bridge Group.
- Medtech will be Zimmer's center of excellence for the development of robotics.
Tue, Jun. 7, 7:30 AM
- Zimmer Biomet Holdings (NYSE:ZBH) acquires French spine surgery device maker LDR Holding Corp. (NASDAQ:LDRH) for $37 per share in cash (~$1B), almost a 64% premium to yesterday's close of $22.58. The deal should close in Q3. The transaction is expected to be neutral to non-GAAP EPS in 2017 and accretive thereafter.
- LDR, founded in 2000, designs devices that make spine surgeries easier to perform while improving clinical outcomes in the treatment of spine disorders.
- Zimmer Biomet reiterates its previous 2016 guidance of revenue growth of 2 - 3% and non-GAAP EPS of $7.85 - 8.00.
- Update: On July 13, Zimmer announced that it successfully completed the tender offer. The number of shares tendered was 24,278,729 (82.7% of LDR's outstanding shares). Notices of Guaranteed Delivery were received for an additional 1,826,189 shares (6.2% of the total outstanding).
Mon, Apr. 25, 9:36 AM
- With the aim of beefing up its sports medicine business, Zimmer Biomet Holdings (ZBH -0.4%) acquires Scottsdale, AZ-based Cayenne Medical for an undisclosed sum. The deal should close in Q2.
- Cayenne focuses on soft tissue repair and reconstruction in areas typically associated with sports-related injuries.
Jun. 24, 2015, 2:04 PM
- Smith & Nephew (SNN +0.2%) acquires Zimmer Holdings' (ZMH +1.2%) Unicompartmental High Flex Knee business in the U.S., including all existing inventory and certain intellectual property. Financial terms are not disclosed.
- The device is indicated as an early intervention for patients with unresolved medial or lateral compartmental arthritis.
Mar. 30, 2015, 9:19 AM
- The European Commission (EC) conditionally approves Zimmer Holdings' (NYSE:ZMH) acquisition of Biomet. The EC's clearance is conditional on Zimmer selling certain assets comprising the remedy package previously submitted to the EC which includes the divestment of its Unicondylar Knee implant and Biomet's Discovery Elbow business in the European Economic Area (EEA) and Biomet's Vanguard Total Knee system in Denmark and Sweden.
- Zimmer expects to close the transaction next month. The approval of the U.S. Federal Trade Commission is pending.
Feb. 10, 2015, 8:18 AM
- Zimmer Holdings (NYSE:ZMH) follows up with a revised remedy package to the one it originally submitted to the European Commission (EC) in December to address the EC's comments based on its market test of the original plan. The company says that it is pleased and encouraged with the progress to date regarding the regulatory process required to approve its acquisition of Biomet.
- Although, the formal deadline for the EC's decision has been reset to May 26 of this year, Zimmer continues to expect the transaction to close this quarter.
- Previously: Zimmer proposes remedy package to European regulators (Dec. 4, 2014)
- Previously: Zimmer to acquire Biomet for $13.35B (April 24, 2014)
Dec. 4, 2014, 10:37 AM
- In an effort to facilitate its approval of its planned acquisition of Biomet, Zimmer Holdings (ZMH -0.1%) proposes a remedy package to the European Commission (EC). It includes the divestiture of one unicompartmental knee brand and one elbow brand in the European Economic Area (EEA) and one total knee brand in two EEA countries.
- The EC will market test the remedy package in the coming days. Meanwhile, it has "stopped the clock" on its review of the merger. Zimmer expects the transaction to close in Q1 2015.
- Previously: EC extends review period for Zimmer/Biomet deal (Nov. 18, 2014)
- Previously: Zimmer to acquire Biomet for $13.35B (April 24, 2014)
Nov. 18, 2014, 12:22 PM
- Zimmer Holdings (ZMH +0.6%) agrees with the European Commission on an extension of the deadline to review its proposed acquisition of Biomet (Pending:BMET) by a limited number of days in order that Zimmer can provide the EC with additional (unspecified) information. The original deadline was March 11, 2015.
- Zimmer announced the $13.35B merger on April 24, 2014. It continues to expect the deal to close in Q1 2015.
- Previously: More on Zimmer/Biomet: Companies had combined 2013 revenue of $7.8B
- Previously: Zimmer to acquire Biomet for $13.35B
- Previously: EU competition watchdog to decide on Zimmer, Biomet deal by early next month
Sep. 1, 2014, 10:59 AM
- Zimmer Holdings (NYSE:ZMH) will hear back from EU antitrust authorities by Oct. 3 over whether or how it will be allowed to pursue its $13.4B takeover of rival Biomet (Pending:BMET).
- Zimmer originally sought approval in June, but the EU regulator paused the review because the company's submission was lacking details.
Apr. 24, 2014, 7:43 AM
- Zimmer (ZMH) says the transaction will "position the combined company as a leader in the $45B musculoskeletal industry," adding that "the complementary nature of the two businesses adds diversity and scale across various geographies and product categories."
- Zimmer expects the purchase to be "double-digit accretive" to its EPS in the first year after closing, and to boot its cash flow from operations by 1.5 times. The company also forecasts annual synergies of $135M in the first year and $270M by the third year.
- The combined 2013 revenues of the companies were $7.8B and adjusted EBITDA was $2.8B.
- Zimmer will pay $10.35B in cash and the rest in shares. The company will help fund the deal with a $3B senior unsecured term loan and newly issued senior notes.
- Zimmer shares continue to climb and are +11.5%. (PR)
- Zimmer Q1 earnings
Jun. 4, 2013, 7:11 AM
Zimmer Holdings (ZMH) acquires German-based NORMED Medizin-Technik - a provider of technologies for the foot and ankle, and hand and wrist reconstruction and trauma markets - for an undisclosed price. (PR)| Jun. 4, 2013, 7:11 AM
Jan. 12, 2012, 6:40 PM
Zimmer (ZMH) acquires privately held Synvasive Technology for an undisclosed sum. The company says the acquisition will enhance its product portfolio through the addition of Synvasive's StableCut surgical saw blades, as well as the eLibra Dynamic Knee Balancing System for soft tissue balancing.| Jan. 12, 2012, 6:40 PM
Apr. 28, 2011, 10:37 AM
Johnson & Johnson’s (JNJ -0.9%) newfound dominance of the orthopedic device market from its $21.3B acquisition of Synthes may pressure rivals Zimmer (ZMH +3.3%) and Stryker (SYK +0.2%) to seek purchases of their own among smaller ortho companies. Potential targets: ARTC, BMTI, WMGI.| Apr. 28, 2011, 10:37 AM