Iceland’s Ossur Hf has won U.S. antitrust approval to buy College Park Industries on condition it sells the U.S. company’s prosthetic elbow business, the Federal Trade Commission said on Tuesday.
College Park, based in Detroit, had total U.S. sales of $22 million in 2018. Ossur said when the purchase was announced in July 2019 that College Park would remain largely independent.
The FTC approval was the last needed, said spokesman David Hreidarsson in an email.
“Given the unprecedented uncertainty caused by the global COVID-19 pandemic, the parties have agreed to remain flexible on closing date with the intent to conclude their respective transactions within the next three months,” the company said in a statement.
To win U.S. antitrust approval, College Park agreed to sell its business to make myoelectric elbows. The devices are easier to wear than mechanical elbows, the FTC said.
Source: Reuters.com