ZimVie close on $375M sale of spine business

Products manufacturer ZimVie is now a dental-only business after completing the sale of its spine business to an H.I.G. Capital affiliate for $375 million.

Under the terms of the deal, ZimVie will receive $315 million in cash, subject to certain customary adjustments as outlined in the agreement, and $60 million in the form of a promissory note that will accrue interest at a rate of 10% per year, compounded semiannually, payable in kind, subject to maturity no later than five and a half years from April 1, the date of closing.

In December, ZimVie announced that it was selling its spine business.