Some of Zimmer Biomet's shareholders affiliated with Blackstone and Goldman Zachs plan to offer more than 11 million common stock shares for sale, according to The Journal Gazette.
Here are five takeaways:
1. Zimmer Biomet will not receive proceeds of the sale.
2. All of the proceedings will go to those stockholders.
3. Following the offering, Zimmer Biomet plans to buy $250 million common shares from Barclays Capital.
4. Zimmer Biomet will use the cash on hand to pay for the purchasing from the Blackstone and Goldman Sachs affiliates.
5. The company has spent nearly $165 million on repurchasing its shares this year.
More articles on devices:
Brian Ennis becomes president of Implanet America: 5 key notes
Healthmark introduces new Distal Soak
Smith & Nephew, Zimmer Biomet, Medovex & more: 20 key notes