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RTI Biologics Inc Announces Agreement To Acquire Pioneer Surgical Technology

Wednesday, 12 Jun 2013 07:00am EDT 

RTI Biologics Inc announced that its intent to acquire privately held Pioneer Surgical Technology, headquartered in Marquette, Mich. Pioneer is a medical technology company that manufactures and distributes metal and synthetic products in the orthopedics, biologics, spine, trauma and cardiothoracic markets. Under the terms of the merger agreement, RTI will pay $130 million in cash to acquire all the outstanding stock of Pioneer. The transaction will be funded through a combination of cash on hand, a new credit facility and a concurrent private placement of convertible preferred equity from Water Street Healthcare Partners. Additionally, RTI has agreed to a $50 million private placement of convertible preferred equity with Water Street, a healthcare-focused private equity firm with operating experience and industry knowledge. 

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-0.18 -3.06%
17 Apr 2015