The UK Competition and Markets Authority has begun an investigation into the proposed US$4.7 billion merger of Stryker and Wright Medical.
Announced in November 2019, the merger would have Stryker pay US$30.75 per share to acquire all of the issues and outstanding ordinary shares of Wright Medical. With outstanding convertible notes, total enterprise value is set at US$5.4 billion. At the time of the announcement, the companies expected the acquisition to close in the second half of 2020.
The UK antitrust body’s investigation follows one opened in December 2019 by the US Federal Trade Commission. The Competition and Markets Authority stated it will decide by July 15, 2020, whether it will launch a second phase of its investigation.
Kalamazoo, Michegan-based Stryker is the world’s largest orthopedic device company, with sales of US$14.89 billion in 2019. Wright Medical, based in Amsterdam, posted net sales of US$920.9 million for the same period.
Full Content: Reuters
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