4 Early Observations about the combined Zimmer-Biomet

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#1 - The big picture numbers of the deal 
Both boards have approved the definitive merger agreement. Closing is expected in early 2015. Total price is $13.35B. Zimmer will pay $10.35B in cash and $3B in Z stock (represents about 17% of outstanding shares).  At closing, Zimmer's shareholders will own 84% of the merged company and Biomet's shareholders will own 16%.  Zimmer will take on all of Biomet's debt.  Zimmer's market cap is about $17B ($100 per share X 169M shares). Biomet is obviously worth $13B, so this is as much a merger as an acquisition.
#2 - Meet the new #2
The combined Zimmer-Bi...

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