Wright Medical (NSDQ:WMGI) and Tornier (NSDQ:TRNX) said yesterday that both companies’ shareholders approved the $3.3 billion merger of the 2 orthopedic giants.
Tornier is slated to take Wright Medical’s name in the merger, and both companies will appoint a combined board of directors, the companies said.
“We are extremely pleased with the positive vote we received from Wright shareholders, which represents an important milestone in bringing our companies together. We are convinced this combination will create the premier, high-growth Extremities-Biologics company with a broad global reach. Together, we will have one of the most comprehensive upper extremity, lower extremity and biologic product portfolios in the market, extending our leadership position and further accelerating our growth opportunities and path to profitability, all of which we believe will generate long-term value for our shareholders,” Wright CEO Robert Palmisano said in a press release.
With the deal, Wright will reincorporate in Holland, but base its lower extremities and biologics business in its Memphis home base. The upper extremities business will be based at Tornier’s Bloomington, Minn., facility with its engineering in Warsaw, Ind.
“We look forward to bringing together our leading technologies and specialized sales forces in three of the fastest growing areas of orthopaedics. Both companies have built a deep and loyal customer base and have highly complementary product portfolios, positioning the combined entity to deliver meaningful value to our shareholders. We believe that partnered together, Wright and Tornier will become the fastest-growing company in the Extremities-Biologics industry,” Tornier CEO David Mowry said in prepared remarks.
In May, both companies said they had inked a deal to settle a trio of shareholder lawsuits that would have blocked the merger.
Wright Medical Group N.V. will be led by Palmisano, who will have the same role at the combined company. Tornier’s Mowry will become executive vice president & COO.
