Exactech closes $737m go-private sale to TPG Capital

Exactech (NSDQ:EXAC) late yesterday announced the closing of its $737 million go-private sale to TPG Capital, with TPG acquiring all issued and outstanding stock of the company. TPG paid approximately $49.25 per share for each share of the Gainesville, Fla.-based company, up from an initial $42 per share offer it made to the company in October. The deal includes provisions that would see founders Dr. Bill Petty, Betty Petty and CEO David Petty exchange their collective 18.8% stake for shares in the private version of Exactech at the same $49.25 rate, the company said. Exactech’s founders, CEO and other management shareholders exchanged portions of their shares in the transaction, representing approximately 18.8% of the company’s outstanding common stock for new equity securities in the post-closing ownership of the company at $49.25 per share, according to a press release. As part of the go-private sale, Exactech’s common stock ceased opening prior to market opening today, and will no longer be listed on the Nasdaq. In December, Exactech said its Vantage total ankle mobile bearing system was used in its first commercial surgery. The post Exactech closes $737m go-private sale to TPG Capital appeared first on MassDevice.
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Mergers & Acquisitions Wall Street Beat Exactech Inc. Source Type: news