Alphatec Holdings Announces Sale of International Business to Globus Medical (HealthPointCaptial)
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a global provider of spinal fusion technologies, announced that it has entered into a definitive agreement with Globus Medical (NYSE:GMED), a leading musculoskeletal implant manufacturer, whereby Globus will acquire Alphatec's international operations and distribution channel for a purchase price of $80 million. As part of the transaction, Globus has also agreed to provide Alphatec a five-year senior secured credit facility of up to $30 million.
Alphatec expects to use portions of the cash consideration to pay down approximately $69 million of existing debt and debt-related costs. The new term loan from Globus, in conjunction with a planned revolving line of credit from MidCap Financial, provides the company with sufficient liquidity and appropriate financing to successfully support Alphatec's transition to a U.S. market based company.
Under the terms of the agreement, Globus will acquire Alphatec's international distribution operations and agreements, including Alphatec's wholly-owned subsidiaries in Ja...
