Exactech To Be Taken Private By TPG Capital For $625 Mln - Quick Facts

(RTTNews) - Exactech Inc. (EXAC), a developer of orthopaedic implant devices and surgical instrumentation for extremities and large joints, said it agreed to be acquired by TPG Capital, the global private equity platform of alternative asset firm TPG. The transaction values Exatech at $625 million.

Exactech's board of directors approved the agreement which provides for the payment of $42.00 per share in cash to all holders of Exactech common stock, other than certain management stockholders who have agreed to exchange a portion of their shares for new equity securities in the transaction.

Exactech founders Dr. Bill Petty and Betty Petty, and CEO David Petty have agreed with TPG to vote all of their shares in favor of the merger and to exchange a significant portion of their shares for new shares in the parent entity immediately following the merger. Such share exchange will be made at the same $42.00 value being paid in cash to Exactech's shareholders.

The transaction values Exactech at $625 million and the cash purchase price represents a nearly 31 percent premium over Exactech's closing stock price on October 20, 2017.

Upon completion of the transaction, Exactech will be a privately-held company headquartered in Gainesville, Florida, and Exactech's common shares will no longer be listed on the Nasdaq stock exchange. The transaction is expected to close in the first quarter of 2018.

Exactech was founded in 1985 by orthopaedic surgeon Dr. Bill Petty, his wife Betty and biomedical engineer Gary Miller, with the purpose of improving the quality of care for patients suffering from joint injury or disease, such as arthritis.

The company employs more than 700 individuals including engineers, researchers, manufacturing professionals, and sales representatives, and distributes its products to more than 35 countries around the world.