Private equity players prep nearly $1B offering of Zimmer Biomet shares

A pair of private equity players are readying an offering of Zimmer Biomet (NYSE:ZBH) shares that could be worth nearly $1 billion.

Warsaw, Ind.-based Zimmer Biomet said KKR and TPG Capital are planning to sell more than 7.4 million ZBH shares. At yesterday’s closing price of $133.09 per share, the sale would be worth about $990.3 billion.

Neither the company nor its officers will receive any of the proceeds, Zimmer Biomet said, noting that CEO David Dvorak, CFO Daniel Florin and some directors will be bound by a 30-day “lock-up” period banning them from selling their ZBH shares.

Goldman, Sachs and J.P. Morgan are the joint book-runners and underwriters for the offering, Zimmer Biomet said.

ZBH shares were trading down -2.9% at $129.29 apiece today in pre-market trading.

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