The private-equity group LVB Acquisition Merger Sub has completed its $11.4 billion buyout of orthopedic-device maker Biomet, Warsaw, Ind.
The final purchase price, at $46 per share, was roughly $500 million higher than the private-equity groups original offer. LVB Acquisitions is owned by a consortium of investors that includes the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG.
Under the terms of the deal, Biomet, which makes joint replacement and orthopedic-surgery devices, has become a privately held company. All Biomet shares have ceased trading on the Nasdaq exchange, and the company was de-listed at Tuesdays market close. Analyst reports have suggested the new ownership could allow Biomet to focus on improving sales for its underperforming trauma and spinal product lines. -- by Shawn Rhea
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