Orthofix International N.V. (OFIX) said it inked a definitive agreement under which Water Street Healthcare Partners, a strategic private equity firm focused exclusively on the health care industry, will buy Orthofix's Sports Medicine Business Unit, which operates as Breg, Inc. The purchase price is $157.5 million and is payable in cash at closing.
Net proceeds to Orthofix from the sale are anticipated to be approximately $140 million, which will be used for the prepayment of debt as required by Orthofix's existing credit agreement.
The closing of the deal is expected to occur during the second fiscal quarter of 2012.
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