The UK’s Competition and Markets Authority has offered clearance to the proposed acquisition of AthroCare by Smith & Nephew, reports say, marking the final hurdle cleared in the parties’ efforts to finalize the deal.
The CMA concluded its Phase I investigation of the $1.7 billion medical technology merger. The companies had already secured approval from regulators in the US and Germany, according to reports.
Smith & Nephew’s acquisition aims to boost the company’s repair technology product portfolio, the company said, through AthroCare’s radio frequency expertise. The companies now expect to close the deal by May 29.
Stryker denies Smith & Nephew rumors
Clearance for Smith & Nephew’s acquisition came the same day US-based Stryker denied earlier reports that it plans to acquire Smith & Nephew’s orthopedic operations.
According to reports, the UK Takeover Panel requested an official statement from Stryker regarding the reports; the company cannot make a bid for Smith & Nephew for the next six months.
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