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
Jan. 12, 2012, 6:40 PMZimmer (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. | Comment!
Apr. 28, 2011, 10:37 AM
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Zimmer Holdings Inc designs, develops, manufactures and markets orthopaedic reconstructive, spinal and trauma devices, biologics, dental implants and related surgical products. It also provides other healthcare related services.
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