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Business Americas

In connection with the acquisition of Biomet, international health care manufacturer Zimmer has changed its name to Zimmer Biomet Holdings. (Photograph: Zimmer Biomet)
Jul 1, 2015 | Business Americas

Zimmer completes acquisition of Biomet

by Surgical Tribune

WARSAW, Ind., USA: Zimmer, a worldwide leader in musculoskeletal health care, has completed the acquisition of Biomet in a cash and equity transaction currently valued at approximately $14 billion, the company recently announced. In connection with the merger, Zimmer has changed its corporate name to Zimmer Biomet Holdings. The company started trading on the New York Stock Exchange and the SIX Swiss Exchange under the ticker symbol ZBH on June 29.

"The coming together of Zimmer and Biomet is a momentous achievement. We are excited to move forward as one company and to pursue new opportunities that benefit patients, healthcare professionals and employees around the globe," said David Dvorak, president and CEO of Zimmer Biomet. "Over the past several months, our integration planning teams have been working to ensure that we capture the best of both companies and create a seamless and efficient transition. I look forward to continuing to work closely with our employees for the benefit of all of our stakeholders."

The transaction is expected to be double-digit accretive to the company's adjusted earnings per share in the first year after the closing on June 24. Zimmer Biomet also expects to achieve net annual synergies of approximately $350 million by the third year after closing, with approximately $135 million predicted in the first 12 months. The company anticipates leveraging its scalable platforms and achieving cross-selling opportunities.

Founded in 1927 and headquartered in Warsaw, Zimmer Biomet is a global leader in musculoskeletal health care. The company designs, manufactures and markets sports medicine; biologics; orthopedic reconstructive, extremities and trauma, spine, bone healing, cranio- and maxillofacial, as well as thoracic products; dental implants; and related surgical products. Zimmer Biomet has operations in more than 25 countries and sells its products in more than 100 countries.

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