Smith & Nephew buys sports medicine firm ArthroCare for $1.7 bln

LONDON Mon Feb 3, 2014 2:15am EST

LONDON Feb 3 (Reuters) - Artificial knee and hip maker Smith & Nephew said on Monday it had agreed to buy medical devices company ArthroCare Corp for $1.7 billion to strengthen its sports medicine business.

The British company said it would pay $48.25 a share in cash for ArthroCare, representing a 20 percent premium over the 90-day average price of the Austin, Texas-based company.