Zimmer Holdings (ZMH) saw its stock soar after the company agreed to buy medical instruments provider Biomet.
The companies agreed on the acquisition on Thursday, bringing two providers of orthopedic and dental products together. The cash-and-stock deal will cost Zimmer Holdings $13.35 billion which also includes debt.
Zimmer Holdings will pay Biomet shareholders $10.35 billion in cash plus stock worth $3 billion. The first company’s shareholders will own 84% of the combined company while the latter’s shareholders will own 16%.
“Together with Biomet we will expand the scope of our innovation programs and will enhance our efforts to provide integrated services and comprehensive solutions that address the needs of our customers,” said Zimmer Holdings CEO David C. Dvorak.
ZMH stock is up about 11.7% Thursday.
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