Zimmer buys Biomet in $14 bln deal, to divest some assets

(Recasts with closing of deal, updates value)

By Diane Bartz

WASHINGTON, June 24 (Reuters) - Zimmer Holdings Inc (NYSE: ZMH - news) said it closed a $14 billion deal to buy rival orthopedic products maker Biomet Inc on Wednesday shortly after winning U.S. antitrust approval on condition that it divest certain assets.

Zimmer said in a statement that with the acquisition it was changing its name to Zimmer Biomet Holdings, Inc. The assets to be sold include certain knee implants, total elbow implants and bone cement, the Federal Trade Commission said earlier on Wednesday in giving its approval to the purchase.

Zimmer had said when it announced the proposed transaction in April 2014 that the deal would double the size of its spine and dental business, broaden its portfolio of products to treat bones, knees and hips, and give it an entry into the smaller but growing field of sports medicine.

London-based Smith & Nephew (LSE: SN.L - news) will buy Zimmer's U.S. ZUK unicondylar knee implant business, a less invasive replacement which is also called unicompartmental knee replacement. California-based DJO Global will buy Biomet's U.S. Discovery Total Elbow implant and Cobalt Bone Cement businesses, the FTC said.

The European Union and Japan had already approved the transaction. (Reporting by Diane Bartz; Editing by Susan Heavey and Alan Crosby)