Zimmer Holdings, Inc. tells us that the European Commission (EC) will open a second phase review with respect to Zimmer’s proposed acquisition of Biomet.
It was back in April that we first reported the news that Zimmer was to acquire Biomet, a deal that was always going to require EC approval in order to complete. At this point, the EC will have 90 working days, subject to possible extensions, to issue a decision on the matter.
Zimmer says it will work closely with the EC through this phase of the regulatory process and continues to expect the transaction to close in the first quarter of 2015. Under the terms of the merger agreement announced April 24, Zimmer will acquire Biomet in a cash and stock transaction valued at approximately $13.35 billion, including the assumption of net debt.
The transaction also remains subject to the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, approval from the Japan Fair Trade Commission, as well as other customary closing conditions.
Source: Zimmer Holdings, Inc., PR Newswire