Globus Medical (GMED) Announces Completion of Alphatec's (ATEC) International Business
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Globus Medical, Inc. (NYSE: GMED) announced that it has successfully completed the previously announced acquisition of the international operations and distribution channels of Alphatec Holdings, Inc., a publicly traded medical devices company (Nasdaq: ATEC).
David Paul, Chairman and CEO said, “We were able to close this transaction ahead of schedule thanks to the hard work and cooperation of both companies involved. Strategically, this acquisition gives us immediate access to Japan and increased presence and penetration in other key geographies, and significant scale, roughly doubling our international sales. In addition, we will be acquiring a talent pool of international sales professionals as well as an extensive network of international distributors. We remain excited about the future growth potential of our international business as a result of this transaction.”
As a result of the acquisition, Globus Medical will assume Alphatec’s existing international direct and distributor sales channels. Globus Medical intends to offer its own products through these sales channels, but during the transition, Globus Medical will continue to sell Alphatec products. The transaction includes a supply agreement through which Alphatec will supply its products to Globus Medical for up to five years.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Teva Pharma (TEVA) Appoints New Global Generic Medicines Group CEO; FY16 Guidance Affirmed
- Caesars Entertainment (CZR), CEOC Receive Strong Creditor Support for CEOC Reorganization Plan
- Globus Medical (GMED), UMB Financial (UMBF) to UMB Financial; HomeStreet (HMST) to S&P SmallCap 600
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions, Spinoffs
Related EntitiesEarnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!