Expanding Their Presence in Spine, Exactech Plans to Acquire Altiva
BY LAUREN UZDIENSKI, DECEMBER 11, 2007
Exactech announced yesterday plans to acquire all outstanding shares of Altiva for a payment of $7.0 million in cash and Exactech common stock. The company previously announced a purchase valuation of Altiva totaling $25.0 million. Prior to the news of the acquisition, Exactech was a minority shareholder in Altiva.
In 2003, Exactech made a $1.0 million investment in Altiva and in subsequent years continued to extend funding and guaranteed a line of credit to the company. With this relationship between the companies, Exactech was a logical buyer for Altiva, and this will serve as Exactech's first acquisition. As specified in a 10-K filing, $25.0 million was a floor amount for the purchase of the company.
Exactech describes the acquisition as a move to expand company's presence in spine, and the news may also indicate an effort to open up the market for Exactech's biologics products.
Altiva is North Carolina-based and has a fusion line, among other spine products. According to the press release, the company will continue to operate from its Charlotte headquarters and will maintain its own sales, marketing, engineering and operational functions.
