Zimmer (Warsaw, Indiana) gained European Union regulatory approval on Monday for its proposed $13.4 billion purchase of Biomet (also Warsaw) after agreeing to divest three businesses in Europe to allay competition concerns. Zimmer, set to become the No. 2 player in the $45 billion global orthopedics market following the deal, will sell its knee implant unit and Biomet's elbow implant unit in Europe, as well as Biomet's knee implant brand in Denmark and Sweden.
The transaction remains subject to clearance by the U.S. Federal Trade Commission, as well as other customary closing conditions.
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 reported on April 24, 2014, Zimmer will acquire Biomet in a cash and stock transaction valued at approximately $13.35 billion, including the assumption of net debt.
In other M&A news: Uroplasty (Minneapolis) and Vision-Sciences (Orangeburg, New York) shareholders have voted at the special meeting of each company's shareholders to approve the previously disclosed agreement and plan of merger between the two companies in the all stock transaction.
Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, each outstanding share of Uroplasty's common stock will be exchanged for 3.6331 shares of Vision-Sciences' common stock. Upon completion of the merger, Uroplasty shareholders will own 62.5% of the shares of the combined company on a fully-diluted basis, and Vision-Sciences shareholders will own 37.5%.
Completion of the merger is expected to occur later this week subject to certain closing conditions. Upon completion, the two companies will operate as Cogentix Medical, and trade on Nasdaq under the symbol CGNT.
Uroplasty is a global device company that develops proprietary products for the treatment of voiding dysfunctions.
Vision-Sciences develops products for flexible endoscopy.