The European Commission has conditionally cleared Zimmer’s proposed acquisition of Biomet.
The clearance is conditioned upon Zimmer entering into agreements with a suitable buyer to divest certain assets comprising the remedy package previously submitted to the European Commission. Zimmer expects to enter into such agreements in the near term. This follows the recent clearance from the Japan Fair Trade Commission.
The transaction remains subject to clearance by the US Federal Trade Commission, as well as other customary closing conditions.
Under the terms of the merger agreement announced in April 2014, Zimmer will acquire Biomet in a cash and stock transaction valued at approximately US$13.35bn, including the assumption of net debt. Zimmer expects the deal to be completed in April 2015.