M&A
confidence high
sentiment positive
materiality 0.80
Zimmer Biomet to acquire Paragon 28 for $1.2B enterprise value, $13/share cash plus CVR
ZIMMER BIOMET HOLDINGS, INC.
- Upfront $13.00 per share cash (~$1.1B equity); CVR up to $1.00/share if FY2026 net sales exceed $346M.
- Paragon 28 FY2024 revenue $255.9–$256.2M (+18.2–18.4% YoY); targets ~$5B foot & ankle segment growing high-single digits.
- Deal ~3% dilutive to ZBH adj. EPS in 2025, ~1% dilutive in 2026, accretive within 24 months; close H1 2025 subject to approvals.
- Unanimous board approval; Goldman Sachs advising ZBH, Piper Sandler advising Paragon 28.