China-based MicroPort Scientific (HK:0853), which stands to gain a significant global presence with the OrthoRecon purchase, won clearance from the Hong Kong Stock Exchange to move forward with a Jan. 3, 2014, shareholder meeting to approve the transaction. Wright expects the deal to close less than a week later.
The hip and knee implant division brought in $263 million for Wright last year, representing 54.4% of its total 2012 sales. Wright plans during its February earnings conference call to reveal more details about the transaction and its financial impact on the company, according to a company statement.
MicroPort plans to leave the OrthoRecon business in Arlington, under current president Ted Davis, re-branded as MicroPort Orthopedic.
WMGI shares slide modestly to $29.06 as of about 12:15 p.m., down 0.7% on the day.