Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business, has announced the execution of a definitive agreement to acquire medical device company ArthroCare Corp. (NASDAQ: ARTC) for $48.25 per ArthroCare share in cash, a total consideration of approximately $1.7 billion and an enterprise value of $1.5 billion, as described in the press release below issed by the companies. The acquisition will be subject to customary conditions, including a vote of ArthroCare’s shareholders and governmental clearances. Pending the satisfaction of such customary conditions, Smith & Nephew anticipates closing the transaction in mid-2014.

Latham & Watkins LLP represents ArthroCare in the transaction with a corporate deal team led by Silicon Valley partner Michael Hall, Orange County partner Charles Ruck and Silicon Valley partner Josh Dubofsky.  Advice was also provided on corporate matters by Orange County partner David Lee and associates John Raney, Michael Young, Timothy Dawe, Aneta Ferguson, Darren Guttenberg and Brett Urig; on antitrust matters by Washington D.C. partners Michael Egge and Amanda Reeves, and associate Jason Cruise; on compensation and benefits matters by Silicon Valley partner James Metz and associate Ashley Wagner, on intellectual property matters by Silicon Valley partner JD Marple; on tax matters by San Francisco partner Kirt Switzer and associate Una Au; on health care regulatory matters by Washington D.C. partners John Manthei and Stuart Kurlander, and associate Elizabeth Richards; and on securities and finance matters by Washington D.C. partner Joel Trotter, New York partner Wesley Holmes, and associate Jessica Munitz.