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Private Equity Group to Acquire Biomet

After more than a month of strong speculation that Smith & Nephew plc (London, UK) would bid billions for Biomet Inc. (Warsaw, IN), a private equity group has agreed to acquire the company for $10.9 billion. Biomet has been looking for a buyer since April. The equity group consists of the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Robers & Co., and Texas Pacific Group.

The release on Biomet's site states that former CEO Dane Miller, who resigned from his post in March, could also become an investor in the private company. The buyout is expected to be completed by October 31 of next year, upon which Biomet's stock will be de-listed. The company's interim president, Daniel Hann, said in a statement that becoming a private company will put Biomet in a stronger position.

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