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UPDATE 1-Zimmer to buy Biomet in $13.35 bln deal

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April 24 (Reuters) - Medical device maker Zimmer Holdings Inc said it would buy orthopedic products company Biomet Inc in a deal valued at about $13.35 billion to broaden its portfolio of products that treat bone and joint-related disorders.

Zimmer will pay $10.35 billion in cash and issue $3 billion in shares to Biomet shareholders.

Biomet was taken private for $11.4 billion in 2007 by a private equity consortium including affiliates of Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co and TPG.

The cash portion of the deal will be funded by cash on hand and $3 billion from a senior unsecured term loan and an issue of senior notes.

Zimmer was advised by Credit Suisse Securities and White & Case LLP on the deal, which is expected to close in the first quarter of 2015.

Biomet was advised by BofA Merrill Lynch, Goldman Sachs, Cleary Gottlieb Steen & Hamilton LLP and Weil, Gotshal & Manges LLP.

Zimmer said the deal is expected to add to adjusted earnings per share in the first year.

Zimmer also reported adjusted quarterly earnings of $1.50 per share, just above Wall Street estimates of $1.47 per share.

(Reporting by Esha Dey in Bangalore; Editing by Saumyadeb Chakrabarty and Sriraj Kalluvila)