Globus Medical (GMED) Announces Completion of Alphatec's (ATEC) International Business
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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.
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