Biomet Buy Out

One of Michiana's biggest companies will be under new ownership soon.

Shareholders of Warsaw based Biomet have approved a multi-billion dollar buyout deal from a private equity group.

The deal is worth more than $11 billion for knee and hip replacement manufacturer.

It was first announced last year, but needed approval of the owners of at least 75% of the company's shares.

LVB acquisition said it has bought nearly 83% of Biomet's shares.

Biomet's founder Dane Miller is one of the partners in LVB.

According to Biomet, the deal will close by the end of the year.

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