ZimVie Surges On Decision To Sell Its Spine Business To H.I.G. Capital

(RTTNews) - Shares of ZimVie Inc. (ZIMV) are rising more than 44% Monday morning after the medical device company announced the decision to sell its spine business to alternative investment firm H.I.G. Capital.

ZimVie said it plans to utilize the proceeds from the deal, which is expected to add to the company's revenue and earnings, to reduce debt.

"This transaction is intended to create a leaner, more focused ZimVie with a leading position in attractive and growing global dental markets," said Vafa Jamali, President and CEO.

ZIMV, currently at $16.21, has touched a new high of $16.60 this morning.