Zimmer Holdings Inc., a maker of artificial hips and knees, agreed to acquire rival Biomet Inc. for $13.4 billion to increase its range of products as demand for orthopedic devices recovers.

Closely held Biomet’s parent, Biomet Group Inc., will withdraw its plans for an initial public offering, Warsaw, Indiana-based Zimmer said in a statement today. Biomet’s owners included Blackstone Group LP, TPG Capital and Goldman Sachs Group Inc. at the time the company announced it would seek an IPO in March.

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