Stryker to Buy Medical Device Firm -- WSJ
31 Agosto 2018 - 9:02AM
Dow Jones News
By Kimberly Chin
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (August 31, 2018).
Stryker Corp. said Thursday it has agreed to acquire
medical-device company K2M Group Holdings Inc. in a deal valued at
about $1.4 billion.
The Kalamazoo, Mich., firm said it would buy all of K2M's shares
at $27.50 apiece, a 27% premium over its average three-month
closing price. K2M will be incorporated into Stryker's spine
division, broadening Stryker's portfolio of spinal therapies, the
company said.
Stryker said K2M Chief Executive Eric Major will become head of
the division upon the completion of the deal.
Shares of Stryker slipped 1.3% Thursday, while K2M's shares
surged 26%.
Stryker said the deal wouldn't affect earnings this year. It
expects to report adjusted per-share earnings of $7.22 to $7.27
this year.
Earlier this year, Stryker completed its acquisition of Entellus
Medical Inc., a manufacturer of devices for various ear, nose and
throat diseases.
K2M, which was founded in 2004, has become a prominent player in
the $10 billion spinal market, Stryker said, through its
development of minimally invasive and complex spinal support
systems.
Stryker is one of the largest makers of knee- and
hip-replacement parts, competing with companies including Johnson
& Johnson and Zimmer Biomet Holdings Inc.
Corrections & Amplifications Stryker Corp. agreed to acquire
K2M Group Holdings Inc. in a deal valued at about $1.4 billion. An
earlier version of this article incorrectly valued the acquisition
at $1.2 billion. (Aug. 30, 2018)
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
August 31, 2018 02:47 ET (06:47 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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