Medical device maker Zimmer Holdings Inc said it would purchase orthopedic products company Biomet Inc in a deal valued at about $13.35 billion to broaden its portfolio of products that treat bone and joint-related disorders.Zimmer will pay $10.35 billion in cash and issue $3 billion in shares to Biomet shareholders.Biomet was taken private for $11.4 billion in 2007 by a private equity consortium including affiliates of Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co and TPG.The cash portion of the deal will be funded by cash on hand and $3 billion from a senior unsecured term loan and an issue of senior notes.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 1.4% or $-0.46/share to $32.16. In the past year, the shares have traded as low as $19.15 and as high as $35.39. On average, 5962460 shares of BX exchange hands on a given day and today's volume is recorded at 4563280.
KKR & Co. L.P. (KKR), is a global investment company. Shares of KKR fell by 0.88% or $-0.21/share to $23.64. In the past year, the shares have traded as low as $17.27 and as high as $26.50. On average, 2529820 shares of KKR exchange hands on a given day and today's volume is recorded at 2684471.
Zimmer Holdings, Inc. (Zimmer) designs, develops, manufactures and markets orthopaedic reconstructive, spinal and trauma devices, biologics, dental implants and related surgical products. Shares of ZMH fell by 0.25% or $-0.23/share to $91.45. In the past year, the shares have traded as low as $74.55 and as high as $98.95. On average, 1187780 shares of ZMH exchange hands on a given day and today's volume is recorded at 1538869.
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