Enovis Corp, which offers orthopedic bracing, surgical implants and footcare solutions, said on Monday it had agreed to acquire Italian surgical implant manufacturer LimaCorporate for about 800 million euros ($850 million), including debt.
The announcement confirmed Reuters' report, citing people familiar with the matter, earlier on Monday.
The acquisition will bolster the U.S. company's reconstructive business, which makes shoulder, hip and knee implants used in surgeries, and expand its international footprint.
"We've got a lot of experience doing acquisitions and doing them well. And we've got a strong balance sheet that lets us do a large acquisition like this and still have a little bit more room for smaller things in the future," Enovis CEO Matt Trerotola told Reuters in an interview.
Enovis generates most of its revenue through its prevention and recovery business, which produces non-surgical devices and accessories.
Enovis, which has a market value of $2.8 billion, will pay 700 million euros in cash and give Lima's owners 100 million euros worth of stock as part of the deal, the company said.
https://finance.yahoo.com/news/1-enovis-buy-prosthetic-implants-103507648.html
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