Wright Medical Group, Inc. (WMGI) announced a definitive agreement under which MicroPort Medical B.V., a subsidiary of MicroPort Scientific Corp., will acquire Wright's OrthoRecon business for a purchase price of $290 million.
The company said the purchase price is subject to a net working capital adjustment, and is payable in cash at closing, which is expected to occur by the end of the third quarter or early in the fourth quarter of 2013.
After closing, the OrthoRecon business will continue to be headquartered in Arlington, Tennessee and Ted Davis, who is currently president of Wright's OrthoRecon business, will lead the MicroPort Orthopedic business, the company stated.
Net after-tax proceeds for Wright Medical, including transaction costs, are estimated to be about $260 million. Wright intends to use these net proceeds to fund transition costs of $25 million to $35 million and the remainder to fund growth opportunities for its Extremities and Biologics business and pay certain retained liabilities of the OrthoRecon business.
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