ZimVie is selling its spine business to solely focus on dental supplies.
The company entered an agreement to sell its spine business to H.I.G. Capital, an alternative investment firm, for $375 million. Proceeds from the sale will go toward reducing the company's debt and supporting growth in the dental field, according to a Dec. 18 news release.
Zimmer Biomet announced its plans to create a dental and spine spinoff company in February 2021. The spinoff was completed in March 2022.
The transaction is expected to close during the first half of 2024.