Zimmer Holdings Inc. (NYSE: ZMH) announced today it will buy privately held Biomet Inc. in a cash and stock transaction valued at $13.35 billion. The deal is expected to close in Q1 of 2015 and joins two top providers of orthopedic, surgical, and dental products.
Investors applauded the deal and sent Zimmer shares soaring nearly 20% intraday to a 52-week high of $108.33.