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CMS has advised its longstanding client Össur on the acquisition of all shares in TeamOlmed, a leading Swedish orthotic and prosthetic (O&P) services provider, for US$ 47 million. Additional payments of up to US$ 7 million depend on TeamOlmed meeting certain revenue and profitability targets in 2013 and 2014.
TeamOlmed is Sweden’s largest provider of O&P solutions to patients with impaired mobility. The company has over 300 employees in patient care centers in Stockholm, Jönköping, Uppsala and several other locations around Sweden. Total revenues in 2012 amounted to US$ 52 million with adjusted EBITDA of US$ 6 million.
Össur (NASDAQ OMX: OSSR) is a global leader in non-invasive orthopaedics that help people live a life without limitations. Headquartered in Iceland, Össur has major operations in the Americas, Europe and Asia.
The transaction is subject to the fulfillment of certain conditions and is expected to complete in Q3 of 2013.
Corporate partner Roman Tarlavski led the team comprising Christian Delgado and Arne van Bijnen. Håkan Fohlin and Carl Friberg of Setterwalls provided advice on matters of Swedish law.