The Japan Fair Trade Commission has granted clearance of Zimmer’s proposed acquisition of Biomet, thereby satisfying one of the conditions necessary for the consummation of the transaction.
The transaction remains subject to the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the European Union Merger Regulation, as well as other customary closing conditions.
Zimmer noted that it is pleased with and encouraged by the progress to date with the overall regulatory process and expects to close the transaction in April 2015.
Under the terms of the merger agreement announced on April 24, 2014, Zimmer will acquire Biomet in a cash and stock transaction valued at approximately US$13.35bn, including the assumption of net debt.
