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Zimmer acquires private equity-backed Biomet for $13.35bn

24 Apr 2014

medical monitorMedical device maker Zimmer Holdings has bought private equity-backed orthopaedic products manufacturer Biomet for $13.35bn.

Zimmer will pay $10.35bn in cash and issue $3bn worth of shares to Biomet shareholders, which include Goldman Sachs Capital Partners, KKR, Blackstone and TPG Capital.

The private equity firms took the company private in an $11.4bn deal in 2007.

Last month the company filed for an IPO and it was reported at that time that it could raise more than $1bn.

It reportedly hired Bank of America Merrill Lynch, Goldman Sachs and JPMorgan Chase to manage the share sale.

In 2012 Biomet paid $22m in charges to settle allegations that it bribed doctors in Argentina, Brazil, and China for nearly a decade.

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