NEW YORK (AP) _ Orthopedic device makers Zimmer Holdings and Biomet 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.
The Federal Trade Commission says 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 go to DJO Global.
The FTC ordered the companies to make those sales to maintain competition in the marketplace. Terms of the sales were not disclosed.
The combined company is based in Warsaw, Indiana, where Zimmer had its headquarters.