ZimVie Inc. (ZIMV), a company focused on dental implants and spine innovations, announced on Monday that it has closed the previously announced sale of its Spine business to an affiliate of H.I.G. Capital for $375 million, including $315 million in cash and a $60 million promissory note.
ZimVie intends to immediately repay $275 million of outstanding debt, leaving the total debt of around $234 million, with estimated cash of approximately $66 million as of April 2.
ZimVie has reaffirmed its annual sales outlook of over $455 million with more than 15 percent of adjusted EBITDA margin one year following the close of the deal.
ZIMV was trading up by 5.22 percent at $17.35 in the pre-market trade on the Nasdaq.
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