VOL. 129 | NO. 21 | Friday, January 31, 2014
Wright Acquires Solana Surgical, Enters Deal for OrthoPro
Arlington-based Wright Medical Group Inc. has closed on its agreement to acquire Solana Surgical LLC of Memphis and has entered into a definitive agreement to acquire OrthoPro LLC of Salt Lake City.
Under the terms of the Solana acquisition, Wright acquires all of Solana’s outstanding equity for about $90 million, consisting of $47.6 million in cash and $42.4 in Wright common stock.
The same basic arrangement applies to OrthoPro for $36 million in cash, with $32.5 million paid at closing and up to $3.5 million more in cash contingent on revenue milestones included in the agreement.
The OrthoPro agreement is expected to close in a year, according to a statement from Wright released Thursday, Jan. 30, after the close of trading.
Both companies add to Wright’s foot and ankle portfolio, increasing the company’s focus on the surgical podiatric market.
Wright Medical executives are expected to provide more details about the acquisitions, as well as what the coming integration will mean for Wright’s relocation from Arlington to Memphis, during the company’s Feb. 24 earnings conference call.