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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana-based orthopedic device makers Zimmer Holdings Inc. and Biomet Inc. say they've completed their $13.35 billion cash-and-stock combination.
The company has taken the name Zimmer Biomet Holdings Inc. and will trade under the ticker symbol to "ZBH" on Monday. Zimmer Holdings Inc. agreed to buy privately-held Biomet in April 2014 for about $10.35 billion in cash and $3 billion in stock.
Zimmer Biomet makes devices that are implanted in the joints, extremities, spine, skull and face, as well as sports medicine products, trauma products, biologic devices, bone healing items, dental devices, and surgical products. Zimmer and Biomet said they had about $7.8 billion in combined revenue in 2013.
To gain antitrust clearance, Zimmer will sell the U.S. rights to some knee implant products to British competitor Smith & Nephew, and Biomet will sell the U.S. rights to an elbow implant and bone cement to DJO Global.
The Federal Trade Commission ordered the companies to make those sales to maintain competition in the marketplace. Terms of the sales were not disclosed, and the FTC said the deals will close within 10 days.
The combined company is based in Warsaw, Indiana, where Zimmer and Biomet both had their headquarters.
Zimmer shares closed at $113.52 Wednesday, up less than 1 percent on the day. They are up 25 percent since the deal was announced.
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