Zimmer Announces Clearance By EC Of The Pending Biomet Merger - Quick Facts

(RTTNews) - Zimmer Holdings, Inc. (ZMH) announced that the European Commission or EC has conditionally cleared its proposed acquisition of Biomet, Inc.

The company said the EC's clearance is conditioned upon Zimmer entering into agreements with a suitable buyer to divest certain assets comprising the remedy package previously submitted to the EC. Zimmer expects to enter into such agreements in the near term.

As previously announced, the proposed transaction also received clearance from the Japan Fair Trade Commission.

Zimmer noted that it is pleased with and encouraged by the progress to date with the overall regulatory process and expects to close the transaction in April 2015.

Under the terms of the merger agreement announced on April 24, 2014, Zimmer will acquire Biomet in a cash and stock transaction valued at about $13.35 billion, including the assumption of net debt.