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DJO Sale Clears One Hurdle

The U.S. Federal Trade Commission gave early clearance to Vista-based brace maker DJO Inc. in its planned sale to a subsidiary of ReAble Therapeutics, the company said Aug. 16.

The regulatory review period ended Aug. 9.

DJO said July 16 that it had agreed to be bought by a subsidiary of Austin, Texas-based medical device manufacturer ReAble Therapeutics Inc. for $50.25 a share in cash. The transaction was valued around $1.6 billion, including $300 million of assumed debt.

An affiliate of The Blackstone Group is the controlling shareholder of ReAble.

The health care sector has been a key area of interest for Blackstone, which also counts investments in pharmaceuticals, hospitals, nursing homes, health care services and health insurance.

DJO’s board of directors and a committee composed of independent directors unanimously approved the transaction and recommended stockholders approve the merger.

The deal remains subject to several conditions, including shareholder approval and the expiration or termination of the waiting period under the German Act Against Restraints of Competition.

Terms also include a so-called “go shop” provision that would allow DJO to solicit superior offers for 50 days. That period expires Sept. 4.

, Heather Chambers

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