Financial

OrthoRecon Acquisition expected to close in January

MicroPort Medical’s acquisition of Memphis-based Wright Medical Group’s OrthoRecon division is expected to be finalized Jan. 9.

The last component of the deal, clearance by the Hong Kong Stock Exchange, has been granted. That clears the way for MicroPort, which announced the acquisition this summer, to hold a shareholder meeting for approval of the deal Jan. 3. The transaction is expected to close Jan. 9.

MicroPort, a subsidiary of Shanghai-based MicroPort Scientific Corp., announced plans to acquire OrthoRecon, the knee and hip implant division of Wright Medical, for $290 million this summer. Wright Medical’s Arlington facility will become the headquarters of MicroPort’s orthopedic operations. Earlier this month, the company filed a building permit for a $920,000 expansion that will add more than 45,000 square feet to its 52,000 square feet of warehouse and office space at 11576 Memphis Arlington Road.

Wright Medical is also investing $10.6 million in a move to 89,800 square feet of office space at Cherry Road. The company received a 15-year PILOT for the project, which will move 225 employees to the new location and create 35 jobs.

Read More:http://www.bizjournals.com/memphis/news/2013/12/16/orthorecon-acquisition-expected-to.html

Tags

Josh Sandberg

Josh Sandberg is the President of Ortho Sales Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close
Themed By teapots