CryoLife’s $225 Million Acquisition of JOTEC

Vinson and Elkins, Fieldfisher, KLA-Koury Lopes Advogados and Walder Wyss AG advised on the transaction

CryoLife, Inc. (“CryoLife”; NYSE: CRY), a leading medical device and tissue processing company focused on cardiac and vascular surgery, announced today that it has entered into a definitive agreement to acquire JOTEC AG (“JOTEC”). JOTEC is a German-based, privately-held developer of technologically differentiated endovascular stent grafts, and cardiac and vascular surgical grafts, focused on aortic repair. The combination of CryoLife and JOTEC will create a Company with a broad and highly competitive product portfolio focused on aortic surgery, and will position CryoLife to compete strongly in the important and growing endovascular surgical markets.

JOTEC generated revenue of approximately €41 million in 2016, representing compound annual growth of approximately 17 percent over the preceding five years. JOTEC generated revenues of €43 million, or approximately $51 million at current currency exchange rates, for the twelve months ended June 30, 2017.

Under terms of the definitive agreement, CryoLife will acquire JOTEC for an upfront payment of $225 million, subject to certain adjustments, consisting of 75 percent in cash and 25 percent in CryoLife common stock issued to JOTEC’s shareholders. CryoLife expects to finance the transaction and related expenses, as well as refinance its existing $69 million term loan, with new $255 million senior secured credit facilities, consisting of a $225 million institutional term loan B and a $30 million undrawn revolving credit facility, $56.25 million in CryoLife common stock, and available cash on hand. The senior secured credit facilities are fully underwritten by Deutsche Bank, Capital One and Fifth Third Bank, and are expected to be syndicated to investors prior to closing of the acquisition.

The definitive agreement has been approved by both companies’ boards of directors. The transaction is expected to close later this year, subject to customary closing conditions.

Vinson & Elkins advised CryoLife, Inc. with a team including Paul Tobias (Picture), Andy Smetana, Ben Cukerbaum, Tim Johnston, Natan Leyva, Mary Alexander, Arthur Lotz and Simon Rootsey.

Fieldfisher advised CryoLife with Susanne Rückert, David Kent, Marcus Kamp, Philipp Stricharz, Stefanie Greifeneder, Cord Wilhöft, Benjamin Grzimek and Sascha Dethof.

In Brazil, KLA-Koury Lopes advised CryoLife with Tania Liberman, Patrícia Braga and Tatiana Kascher.

Walder Wyss advised JOTEC GmbH AG with Markus Vischer, Urs P. Gnos, Lukas Wyss, Martin Busenhart, Reto Jacobs, Janine Corti, Boris Räber, Claudia Weber, Vera Krüttli, Michael Kündig, Mirjam Olah, Nico Bernhard, Tervel Stoyanov, Gion Giger, Ewa Szczogiel and Dominik Wingeier.

Involved fees earner: Tania Liberman – Kuri Breña Sánchez Ugarte y Aznar; Patricia Braga – Kuri Breña Sánchez Ugarte y Aznar; Paul Tobias – Vinson & Elkins LLP; Andy Smetana – Vinson & Elkins LLP; Benjamin Cukerbaum – Vinson & Elkins LLP; Simon Rootsey – Vinson & Elkins LLP; Tim Johnston – Vinson & Elkins LLP; Arthur Lotz – Vinson & Elkins LLP; Natan Leyva – Vinson & Elkins LLP; Mary Alexander – Vinson & Elkins LLP; Markus Vischer – Walder Wyss Ltd.; Urs Gnos – Walder Wyss Ltd.; Boris Räber – Walder Wyss Ltd.; Claudia Weber – Walder Wyss Ltd.; Vera Krüttli – Walder Wyss Ltd.; Michael Kündig – Walder Wyss Ltd.; Mirjam Olah – Walder Wyss Ltd.; Nico Bernhard – Walder Wyss Ltd.; Lukas Wyss – Walder Wyss Ltd.; Tervel Stoyanov – Walder Wyss Ltd.; Martin Busenhart – Walder Wyss Ltd.; Janine Corti – Walder Wyss Ltd.; Reto Jacobs – Walder Wyss Ltd.; Gion Giger – Walder Wyss Ltd.; Ewa Szczogiel – Walder Wyss Ltd.; Susanne Rückert – Fieldfisher; David Kent – Fieldfisher; Marcus Kamp – Fieldfisher; Philipp Stricharz – Fieldfisher; Stefanie Greifeneder – Fieldfisher; Benjamin Grzimek – Fieldfisher; Cord Willhöft – Fieldfisher; Sascha Dethof – Fieldfisher;

Law Firms: Kuri Breña Sánchez Ugarte y Aznar; Vinson & Elkins LLP; Walder Wyss Ltd.; Fieldfisher;

Clients: CryoLife Inc.; JOTEC GmbH AG;

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