Zimmer and Biomet announced that their respective boards of directors have approved a definitive agreement, under which Zimmer will acquire Biomet in a transaction valued at approximately $13.35 billion.
The merger of Zimmer and Biomet will position the combined company as a major player in the $45 billion musculoskeletal industry.
"The combination with Zimmer will prepare us to compete as a stronger entity in the medical device industry of the future," said Jeffrey R. Binder, Biomet's president and CEO. "Our combined scale will extend the reach and influence with which we pursue our common passion: delivering products and services that benefit our customers and the patients we ultimately serve. Biomet and Zimmer share a 36-year history of mutual respect."
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the first quarter of 2015.
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