M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Zimmer Biomet Holdings, Inc. to acquire Paragon 28, Inc.
Announced Jan 28, 2025 · Closed Apr 21, 2025
Deal value$1.20BEV $1.20B
Premium11.0%To unaffected price
EV / Adj. EBITDA—4.9x EV / Revenue
ConsiderationAll cash$13.00 per share
Transaction
- Acquirer
- Zimmer Biomet Holdings, Inc. (ZBH)
- Target
- Paragon 28, Inc. (FNA)
- Buyer type
- Strategic
- Offer price per share
- $13.00
- Enterprise value
- $1.20B
- Status
- Closed Apr 21, 2025
Deal protections
- Break fee (target pays)
- $40.0M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Piper Sandler
- Piper Sandler fee
- $17.6M
Sector context · Healthcare
- Comparable deals
- 94 in the prior 24 months
- Premium
- 11.0% vs. 65.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.3% vs. 3.4% sector median
Timeline
- AnnouncedJan 28, 2025
- Proxy filedFeb 27, 2025
- Definitive proxyMar 18, 2025
- Shareholder voteApr 17, 2025
- ClosedApr 21, 2025
Valuation · fairness opinions
Trading comparables$9.38$9.84
Trading comparables$11.76$13.86
Precedent transactions$8.10$9.00
Precedent transactions$15.95$16.99
Discounted cash flow$8.91$14.79
Offer $13.00
Implied value per Paragon 28, Inc. share by analysis, from Piper Sandler · DCF discount rate 11%–13%.