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news.Zimmer Holdings, a provider of spinal and trauma devices, dental implants, and related orthopedic surgical products, has announced that certain of its subsidiaries have agreed to acquire the Abbott Spine business from Abbott for approximately $360 million in cash.
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Zimmer has said that it expects to fund the purchase price from cash on hand and borrowings under existing credit facilities.
The acquisition is expected to close in the fourth quarter of 2008. The boards of directors of both companies have approved the transaction, which is subject to regulatory approvals and other customary closing conditions.
David Dvorak, president and CEO of Zimmer, said: “This acquisition is another significant step in executing our strategies to position Zimmer for sustained growth in the future. We are excited to be adding a number of innovative products that round out the Zimmer Spine portfolio and help us build toward critical mass in this important business segment.”