Hogan Lovells Advises Orthofix International N.V. on $157.5 Million Sports Medicine Division Sale
24 April 2012
WASHINGTON, D.C., 24 April 2012 – Hogan Lovells announced today that it advised Orthofix International N.V., a diversified, global medical device company focused on developing and delivering innovative repair and regenerative solutions to the spine and orthopedics markets, on its agreement to sell its sports medicine division in a $157.5 million all-cash transaction to private equity firm Water Street Healthcare Partners. The transaction is expected to close during the second fiscal quarter of 2012. Net proceeds to Orthofix from the sale of its sports medicine division will be used for the prepayment of debt as required by Orthofix’s existing credit agreement.
Orthofix believes that the transaction will enable it to focus on strengthening its value proposition around its repair hardware and regenerative biologics and stimulation solutions, and that the deleveraging and borrowing capacity resulting from the transaction will allow it to further expand its spine and orthopedics businesses.
The Hogan Lovells Corporate M&A team was led by Joe Gilligan (partner, Washington, D.C.) and Brian O’Fahey (partner, Washington, D.C.), with assistance from Paul Manca (partner, Washington, D.C.) and Matt Ruderman (associate, Washington, D.C.). The tax team was spearheaded by Dan Davidson (partner, Washington, D.C.) and David Leavitt (associate, Denver). Antitrust matters were led by Michele Harrington (partner, Northern Virginia). Joe Raffetto (associate, Washington, D.C) assisted with the intellectual property aspects of the deal. Lee Berner (partner, Washington, D.C.) advised regarding real estate matters, Jenny McClister (counsel, Denver) advised regarding environmental matters, William Neff (partner, Washington, D.C) and Carin Carithers (partner, Washington, D.C.) advised regarding employee benefits legal matters, and Michael Kidney (partner, Washington, D.C.) advised regarding litigation and product liability matters.