Zimmer Holdings announced that it has agreed with the European Commission (EC) to extend the deadline for the EC's review of Zimmer's proposed acquisition of Biomet by a limited number of days to provide the EC with certain additional information.
Deadline extensions are not uncommon in such in-depth investigations, and Zimmer said it still expects to "close the transaction" in the first quarter of 2015.
Zimmer announced in April that it would acquire Biomet in a cash and stock transaction valued at approximately $13.35 billion, including the assumption of net debt.
The EC's previous deadline of March 11, 2015, will be extended by a "limited amount of additional time." The company noted that this transaction also remains subject to the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, approval from the Japan Fair Trade Commission, as well as other customary closing conditions.
