Here are five key updates on the acquisition:
1. The EC granted clearance if Zimmer divests certain assets — a knee implant business in the European Economic Area, according to the Wall Street Journal — comprising the remedy package the company previously submitted to the EC. Biomet would also need to sell an elbow-implant unit and knee implant business.
2. Zimmer expects to enter into an agreement with a suitable buyer for these assets in the “near term.”
3. The Japan Fair Trade Commission already cleared the transaction, but the company still needs U.S. Federal Trade Commission clearance and the transaction is subject to other customary closing conditions.
4. Zimmer still plans to acquire Biomet for around $13.35 billion in cash and stock transaction, and assume the company’s net debt. The original transaction intent was announced about a year ago — April 24, 2014.
5. Over the past several months the company maintained guidance the transaction would be finalized in the first quarter of 2015. The most recent projection places a close date in April 2015, reporting the company is “pleased with and encouraged by the progress to date with the overall regulatory process.”
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