Stryker has closed its US$1.4 billion acquisition of K2M. With the acquisition, K2M will become a wholly owned subsidiary of Stryker, the companies said.
Stryker paid US$27.50 per share for each outstanding share of K2M, representing a 27% premium over K2M’s average closing price during the 90 days of trading ended 29 August.
“K2M’s broad product portfolio and robust pipeline complement Stryker’s established leadership in the spine and neurotechnology markets. We believe that our combined businesses will offer innovative solutions for our customers while expanding our global footprint,” Stryker neurotech, instruments and spine group president Spencer Stiles said in an SEC filing.
The closure came only a day after the US FTC granted early termination to the Hart-Scott-Rodino Antitrust Improvement Act of 1976 waiting period for the merger, and only two days after K2M won shareholder approval for the merger during a special meeting of stockholders.