UPDATED August 10, 2016, with information on the pricing and closing date for the offering.
A pair of private equity players are readying an offering of Zimmer Biomet (NYSE:ZBH) shares that could be worth nearly $1 billion.
Warsaw, Ind.-based Zimmer Biomet said KKR and TPG Capital are planning to sell more than 7.4 million ZBH shares at $129.75 each, for proceeds of $965.4 million.
Neither the company nor its officers will receive any of the cash, Zimmer Biomet said, noting that CEO David Dvorak, CFO Daniel Florin and some directors will be bound by a 30-day “lock-up” period banning them from selling their ZBH shares.
Goldman, Sachs and J.P. Morgan are the joint book-runners and underwriters for the offering, Zimmer Biomet said. The offering is slated to close August 12.
ZBH shares were trading down -2.9% at $129.29 apiece today in pre-market trading and opened at $129 even, before rising slightly to $129.26 each in early trading.
