US-based orthopaedic device manufacturer Zimmer has acquired Biomet in a cash and equity deal worth approximately $14bn.

The transaction follows the receipt of approval from US Federal Trade Commission (FTC) on the condition that Zimmer will divest certain assets, such as knee implants, total elbow implants and bone cement, among others.

Following the combination, the new entity will operate as Zimmer Biomet Holdings to offer a comprehensive and diversified portfolio of musculoskeletal solutions to customers worldwide.

"The coming together of Zimmer and Biomet is a momentous achievement."

In addition, Zimmer expects to expand its spine and dental business by 100% after the transaction. In April 2014, Zimmer signed an agreement to acquire the privately-held Biomet for $10.35bn in cash and $3bn in stock.

Zimmer Biomet president David Dvorak said: "The coming together of Zimmer and Biomet is a momentous achievement.

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"We are excited to move forward as one company and to pursue new opportunities that benefit patients, healthcare professionals and employees around the globe.

"Over the past several months, our integration planning teams have been working to ensure that we capture the best of both companies and create a seamless and efficient transition."

Zimmer and Biomet had nearly $7.8bn in combined revenue in 2013.

To obtain anti-trust clearance, Zimmer will sell its US rights for some knee implant products to UK-based Smith & Nephew, while Biomet will need to give up its US rights to California-based DJO Global, as reported by Reuters.

The acquisition deal has already been approved by the European Union and Japanese authorities, but the financial details remain undisclosed. The FTC expects the deals to close within ten days.