British medical technology company Smith & Nephew said Monday it has agreed to pay $1.7 billion in cash to acquire ArthroCare, which makes devices used for soft tissue repairs and joint procedures.
Under the terms of the transaction, Smith & Nephew has agreed to pay $48.25 per share for Austin-based ArthroCare, a 6 percent premium over the AnthroCare’s Friday closing price. The deal is expected to close in middle of the year, pending the approval of regulators and ArthroCare’s shareholders. ArthroCare’s largest shareholder—One Equity Partners, which holds a 17 percent stake in the company—has already expressed its support for the sale.
