Zimmer Biomet has completed the acquisition of Paragon 28, a company focused on the foot and ankle orthopedic space.

The transaction, which was first announced in January, strengthens and expands Zimmer Biomet’s foot and ankle offerings through Paragon 28’s technology platform. It also bolsters the company’s existing fracture & trauma and joint replacement portfolios.

The deal also expedites penetration opportunities in the fast-growing Ambulatory Surgery Center (ASC) space.

Each outstanding common share of Paragon 28 was automatically cancelled, retired, and converted into the right to receive $13 in cash and a non-tradeable contingent value right entitling the holder to receive up to $1 per share in cash if certain revenue milestones are achieved.

Upon the acquisition’s completion, the company became a wholly-owned subsidiary of Zimmer Biomet.

“We look forward to building on the strong foundation set by Albert DaCosta and the Paragon 28 team and are excited to officially welcome them to the Zimmer Biomet family,” said Ivan Tornos, president and CEO of Zimmer Biomet. “This combination expands our leadership in the foot and ankle segment, one of the highest growth specialties in musculoskeletal care. Together, we will drive innovation at scale and leverage the power of Paragon 28’s dedicated foot and ankle commercial channel to help advance our Mission to alleviate pain and improve the quality of life for people around the world.”