Smith & Nephew Pays $1.7B For Fellow Medical Device Maker

Law360, New York (February 3, 2014, 2:16 PM EST) -- Medical technology company Smith & Nephew PLC will buy fellow medical device maker ArthroCare Corp. for $1.7 billion, the companies said Monday, in a deal Smith & Nephew said will expand its global reach and widen its portfolio, strengthening the company's sports medicine business.

The deal, which Smith & Nephew will finance through its debt facilities and cash balances, is expected to close sometime in mid-2014. Smith & Nephew will pay $48.25 per Texas-based ArthroCare share, which represents a 20 percent premium to the average share...
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