Wright and Tornier complete $3.3B merger

Wright Medical (NSDQ:WMGI) and Tornier N.V. (NSDQ:TRNX) said today they successfully completed their $3.3 billion merger, with Tornier acquiring Wright and taking up the name Wright Medical N.V. Wright Medical’s shares will cease trading today under its old name and shares in the combined company will begin trading under Wright’s previous ticker of “WGMI” tomorrow, the company said. “The culmination of this merger marks a significant milestone for our company, creating the premier, high-growth extremities-biologics company uniquely positioned with leading technologies and specialized sales forces in 3 of the fastest growing areas of orthopedics – upper extremities, lower extremities and biologics.  By bringing together the extensive and innovative capabilities of both Wright and Tornier, we can extend our leadership position and further accelerate our growth opportunities and path to profitability, all of which we believe will generate long-term value for our shareholders.  This is also an exciting day for our employees as we officially join forces to pursue our shared commitment to serving extremities specialists and building the leading global business in this market,” Wright CEO Robert Palmisano said in prepared remarks. Each outstanding share of Wright common stock was exchanged for 1.0309 shares of Tornier, which will now be known as Wright Medical N.V., the company said. In June, Wright and Tornier said both companies’ shareho...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Mergers & Acquisitions Tornier Inc. Wright Medical Group Inc. Wright Medical N.V. Source Type: news