Encore Medical Takes Buyout
Encore Medical (ENMC) is being purchased by acquisitive private-equity firm Blackstone Group in a deal that will end with the maker of orthopedic devices going private.
A newly formed company controlled by Blackstone Capital Partners V will pay $870 million, or $6.55 in cash for each share of Encore Medical. The price represents a 36% premium to the Nasdaq closing price of $4.81 on June 30.
Members of Encore's existing senior management team will retain their current positions after the transaction closes and will have an ownership stake in the remaining company.
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