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MAKO Surgical

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Namestring
MAKO Surgical
Legal namestring
MAKO Surgical Corp.
Company typeenum
Private
Founded yearint
2004
Descriptiontext

MAKO Surgical is a medical device company specializing in robotic-arm assisted surgery for orthopedic procedures, founded in 2004 and headquartered in Fort Lauderdale, Florida. The company developed the Mako SmartRobotics platform, which integrates advanced imaging with robotic assistance to enable personalized surgical planning and precision-guided bone preparation. Its core technical differentiator is haptic feedback technology, most recently embodied in the Mako Total Knee 2.0 launched in March 2023, which provides surgeons real-time tactile guidance during bone cutting and implant placement in knee replacement procedures. Each system costs approximately $1 million and is sold to hospitals and medical centers performing orthopedic surgeries.

MAKO's business model relies on enterprise field sales to acute-care hospitals and orthopedic surgery centers, with multi-year service contracts and bundled clinical training and demonstration support. Marketing is conducted through medical conferences, hospital showcases, and direct engagement with hospital leadership. The company was publicly traded on NASDAQ (ticker: MAKO) before being acquired by Stryker Corporation in 2013 for $1.65 billion, after which it became a wholly-owned subsidiary with its technology integrated into Stryker's broader musculoskeletal portfolio and distributed globally through Stryker's direct sales force. Prior to acquisition, MAKO raised approximately $164M across multiple venture rounds between 2005 and 2012 from investors including Sycamore Ventures, Tudor Investments, Alta Partners, and Deerfield, and acquired Pipeline Biomedical Holdings in October 2013.

Short descriptiontext

MAKO Surgical develops the Mako SmartRobotics platform, a robotic-arm assisted orthopedic surgery system featuring haptic feedback for precision-guided knee and hip replacements, sold to hospitals via Stryker's enterprise sales force.

Operating statusenum
Acquired
Ownership categoryenum
Headcount rangeband
251–500
akta.pro rankint
HeadquartersFort Lauderdale, United States
HQ citystring
Fort Lauderdale
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Keyword5 values
robotic-assisted surgery, orthopedic surgical robotics, haptic feedback technology, joint replacement robots, surgical navigation systems
Industry5 codes
1Surgical Robotics & Computer-Assisted Surgery Platforms
CodeHLAHADAFPrimaryYes
2Surgical Navigation, Tracking & Intraoperative Guidance (Ortho/Neuro/ENT)
CodeHLAHADAGPrimaryNo
3Hip & Knee Reconstruction (Arthroplasty)
CodeHLAKALAHPrimaryNo
4Surgical Navigation, Robotics & Patient-Matched Instrumentation (Ortho/Spine)
CodeHLAHAEALPrimaryNo
5Healthcare & Assistive Robotics
CodeHDAAAIACPrimaryNo
NAICS code3 codes
  • Surgical and Medical Instrument Manufacturing339112
  • Surgical Appliance and Supplies Manufacturing339113
  • Medical Equipment and Supplies Manufacturing3391
SIC code2 codes
  • Surgical & Medical Instruments & Apparatus3841
  • Orthopedic, Prosthetic & Surgical Appliances & Supplies3842
Product category
Orthopedic Surgical Robotics
Social media profiles2 records
GTM motion1 record

Each record includes

Type, Description, Source

Marketing channels3 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels1 record

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Operations
Pricing details1 tier
1Medical robot system for orthopedic surgical procedures
ModelOne time/ perpetual licenseBilling cadenceMulti-year contract
Notes

Each Mako SmartRobotics unit costs approximately $1 million based on Southern Hills Hospital Medical Center procurement data.

reviewjournal.com
GTM typeB2B
B2B
Offering typeHardware or Manufacturing
Hardware or Manufacturing
Core offering1 text field

MAKO Surgical designs, manufactures, and sells robotic-arm assisted surgical systems for orthopedic procedures, primarily total knee and hip replacements. Its Mako SmartRobotics platform integrates CT-based 3D surgical planning with haptic feedback-guided robotic arms that constrain the surgeon's movements to a predefined volume, enabling precise bone cutting and implant placement. The systems are sold to hospitals and medical centers, with clinical demonstration, training, and service support bundled into enterprise sales contracts.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

MAKO Surgical (acquired by Stryker Corporation for $1.65B) offers the Mako SmartRobotics platform, an orthopedic surgical robotics system. The core product line includes the Mako SmartRobotics system and its specialized application Mako Total Knee 2.0, which features haptic feedback technology for precision-guided knee replacement surgeries. The platform enables personalized orthopedic surgeries with robotic assistance.

Product and service2 records
1Mako SmartRobotics
CategoryOrthopedic surgical robotics
Description

Robotic-arm assisted orthopedic surgical system for total and partial knee and hip replacement procedures. Combines CT-based 3D preoperative surgical planning with a haptic-feedback robotic arm that guides the surgeon during bone preparation and implant placement. Sold to hospitals and medical centers as a capital equipment purchase with bundled clinical demonstration, training, and service support.

2Mako Total Knee 2.0
CategoryOrthopedic surgical robotics — total knee replacement
Description

Updated application/software release for the Mako SmartRobotics platform targeting total knee replacement. Features haptic feedback technology that provides surgeons with real-time tactile guidance during bone cutting, helping prevent over-cutting and improving implant positioning accuracy. Aimed at hospitals and orthopedic surgery centers performing total knee arthroplasty.

Scale indicator3 records

Each record includes

Type, Value, Description, Source

Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Peers10 records
TypeEmerging player
Description

Brainlab provides surgical navigation, planning, and increasingly robotics-adjacent software; it competes indirectly via OR integration and digital surgery workflows relevant to Mako's surgical planning stack.

TypeDirect peer
Description

Think Surgical develops the TSolution One active robotic system for orthopedic joint replacement, directly competing with Mako in bone preparation and implant placement for knee and hip procedures.

TypeDirect peer
Description

Zimmer Biomet's ROSA Knee and ROSA Hip robotic platforms compete head-to-head with Mako in orthopedic surgical robotics, leveraging Zimmer's deep hospital and orthopedic surgeon relationships.

TypeDirect peer
Description

J&J's Velys robotic-assisted solution targets the same total knee arthroplasty use case as Mako, with comparable hospital procurement channels and digital surgical planning workflows.

TypeEmerging player
Description

Renishaw's neuromate and neurosurgical robotics capabilities overlap with Mako's haptic-feedback and navigation expertise, representing an adjacent robotic-surgery platform with comparable precision engineering roots.

TypeBroad incumbent
Description

Medtronic's Mazor spine robotics and Hugo surgical platform represent broader medtech incumbents expanding into surgical robotics, with overlapping hospital buyers and digital surgery strategies even though they are less specialized in knee arthroplasty.

TypeDirect peer
Description

Smith+Nephew's CORI handheld and CORI Surgical System is a direct competitor in robotic-assisted orthopedic surgery, targeting the same hospital and ASC customers for knee arthroplasty.

TypeBroad incumbent
Description

Intuitive's da Vinci platform dominates soft-tissue robotic surgery and competes for the same hospital capital budgets, OR integration footprints, and surgeon training resources as Mako, though in a different surgical specialty.

TypeDirect peer
Description

Stryker is both the parent and primary operator of the Mako platform; comparable because Mako competes in the same orthopedic surgical robotics category as direct alternatives while operating inside Stryker's broader implant and instrumentation portfolio.

TypeEmerging player
Description

Globus Medical's ExcelsiusGPS extends surgical robotics into spine and increasingly orthopedic applications, competing with Mako for hospital capital and OR integration real estate.

Market position
Strengths5 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks5 records

Each record includes

Headline, Details, Source

Key highlights4 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers1 record

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment2 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature2 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles2 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds6 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors11 records

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

MAKO Surgical

Orthopedic Surgical Roboticsmakosurgical.com

MAKO Surgical develops the Mako SmartRobotics platform, a robotic-arm assisted orthopedic surgery system featuring haptic feedback for precision-guided knee and hip replacements, sold to hospitals via Stryker's enterprise sales force.

What MAKO Surgical does

MAKO Surgical is a medical device company specializing in robotic-arm assisted surgery for orthopedic procedures, founded in 2004 and headquartered in Fort Lauderdale, Florida. The company developed the Mako SmartRobotics platform, which integrates advanced imaging with robotic assistance to enable personalized surgical planning and precision-guided bone preparation. Its core technical differentiator is haptic feedback technology, most recently embodied in the Mako Total Knee 2.0 launched in March 2023, which provides surgeons real-time tactile guidance during bone cutting and implant placement in knee replacement procedures. Each system costs approximately $1 million and is sold to hospitals and medical centers performing orthopedic surgeries.

MAKO's business model relies on enterprise field sales to acute-care hospitals and orthopedic surgery centers, with multi-year service contracts and bundled clinical training and demonstration support. Marketing is conducted through medical conferences, hospital showcases, and direct engagement with hospital leadership. The company was publicly traded on NASDAQ (ticker: MAKO) before being acquired by Stryker Corporation in 2013 for $1.65 billion, after which it became a wholly-owned subsidiary with its technology integrated into Stryker's broader musculoskeletal portfolio and distributed globally through Stryker's direct sales force. Prior to acquisition, MAKO raised approximately $164M across multiple venture rounds between 2005 and 2012 from investors including Sycamore Ventures, Tudor Investments, Alta Partners, and Deerfield, and acquired Pipeline Biomedical Holdings in October 2013.

MAKO Surgical firmographics

Firmographics
Name
MAKO Surgical
Legal name
MAKO Surgical Corp.
Website
https://makosurgical.com
Company type
Private
Founded year
2004
Operating status
Acquired
Headcount range
251–500 employees
Short description
MAKO Surgical develops the Mako SmartRobotics platform, a robotic-arm assisted orthopedic surgery system featuring haptic feedback for precision-guided knee and hip replacements, sold to hospitals via Stryker's enterprise sales force.
Ownership category
akta.pro rank

MAKO Surgical industry classification

Industry
Product category
Orthopedic Surgical Robotics
NAICS
Surgical and Medical Instrument Manufacturing (339112), Surgical Appliance and Supplies Manufacturing (339113), Medical Equipment and Supplies Manufacturing (3391)
SIC
Surgical & Medical Instruments & Apparatus (3841), Orthopedic, Prosthetic & Surgical Appliances & Supplies (3842)
akta.pro primary industry
Surgical Robotics & Computer-Assisted Surgery Platforms (HLAHADAF)
akta.pro secondary industries
Surgical Navigation, Tracking & Intraoperative Guidance (Ortho/Neuro/ENT) (HLAHADAG), Hip & Knee Reconstruction (Arthroplasty) (HLAKALAH), Surgical Navigation, Robotics & Patient-Matched Instrumentation (Ortho/Spine) (HLAHAEAL), Healthcare & Assistive Robotics (HDAAAIAC)

Keywords

  • Robotic-assisted surgery
  • Orthopedic surgical robotics
  • Haptic feedback technology
  • Joint replacement robots
  • Surgical navigation systems

Where MAKO Surgical is headquartered

Location

Headquarters

HQ city
Fort Lauderdale
HQ country
United States
HQ region
North America

Markets served

MAKO Surgical business model

Business model
GTM type
B2B
Offering type
Hardware or Manufacturing
Cost components
Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Operations

Pricing tiers

ModelBillingPrice
One time/ perpetual licenseMulti-year contractMedical robot system for orthopedic surgical procedures

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

MAKO Surgical product offering

Product offering

Core offering

MAKO Surgical designs, manufactures, and sells robotic-arm assisted surgical systems for orthopedic procedures, primarily total knee and hip replacements. Its Mako SmartRobotics platform integrates CT-based 3D surgical planning with haptic feedback-guided robotic arms that constrain the surgeon's movements to a predefined volume, enabling precise bone cutting and implant placement. The systems are sold to hospitals and medical centers, with clinical demonstration, training, and service support bundled into enterprise sales contracts.

Product overview

MAKO Surgical (acquired by Stryker Corporation for $1.65B) offers the Mako SmartRobotics platform, an orthopedic surgical robotics system. The core product line includes the Mako SmartRobotics system and its specialized application Mako Total Knee 2.0, which features haptic feedback technology for precision-guided knee replacement surgeries. The platform enables personalized orthopedic surgeries with robotic assistance.

Differentiator

Problem solved

Functional benefit

Products and services

  • Mako SmartRobotics Robotic-arm assisted orthopedic surgical system for total and partial knee and hip replacement procedures. Combines CT-based 3D preoperative surgical planning with a haptic-feedback robotic arm that guides the surgeon during bone preparation and implant placement. Sold to hospitals and medical centers as a capital equipment purchase with bundled clinical demonstration, training, and service support.
  • Mako Total Knee 2.0 Updated application/software release for the Mako SmartRobotics platform targeting total knee replacement. Features haptic feedback technology that provides surgeons with real-time tactile guidance during bone cutting, helping prevent over-cutting and improving implant positioning accuracy. Aimed at hospitals and orthopedic surgery centers performing total knee arthroplasty.

Companies that use MAKO Surgical

Customer profile

Named customers1 record

Segments2 records

Ideal customer profiles1 record

MAKO Surgical technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature2 records

MAKO Surgical partnerships and signals

Strategic signal

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

MAKO Surgical competitors and assessment

Company assessment

Emerging players

  • Brainlab: Brainlab provides surgical navigation, planning, and increasingly robotics-adjacent software; it competes indirectly via OR integration and digital surgery workflows relevant to Mako's surgical planning stack.
  • Renishaw (Neuromate / neurosurgical robotics): Renishaw's neuromate and neurosurgical robotics capabilities overlap with Mako's haptic-feedback and navigation expertise, representing an adjacent robotic-surgery platform with comparable precision engineering roots.
  • Globus Medical (ExcelsiusGPS): Globus Medical's ExcelsiusGPS extends surgical robotics into spine and increasingly orthopedic applications, competing with Mako for hospital capital and OR integration real estate.

Direct peers

  • Think Surgical (TSolution One): Think Surgical develops the TSolution One active robotic system for orthopedic joint replacement, directly competing with Mako in bone preparation and implant placement for knee and hip procedures.
  • Zimmer Biomet (ROSA): Zimmer Biomet's ROSA Knee and ROSA Hip robotic platforms compete head-to-head with Mako in orthopedic surgical robotics, leveraging Zimmer's deep hospital and orthopedic surgeon relationships.
  • Johnson & Johnson DePuy Synthes (Velys): J&J's Velys robotic-assisted solution targets the same total knee arthroplasty use case as Mako, with comparable hospital procurement channels and digital surgical planning workflows.
  • Smith+Nephew (CORI): Smith+Nephew's CORI handheld and CORI Surgical System is a direct competitor in robotic-assisted orthopedic surgery, targeting the same hospital and ASC customers for knee arthroplasty.
  • Stryker (Mako platform): Stryker is both the parent and primary operator of the Mako platform; comparable because Mako competes in the same orthopedic surgical robotics category as direct alternatives while operating inside Stryker's broader implant and instrumentation portfolio.

Broad incumbents

  • Medtronic (Mazor / Hugo): Medtronic's Mazor spine robotics and Hugo surgical platform represent broader medtech incumbents expanding into surgical robotics, with overlapping hospital buyers and digital surgery strategies even though they are less specialized in knee arthroplasty.
  • Intuitive Surgical (da Vinci): Intuitive's da Vinci platform dominates soft-tissue robotic surgery and competes for the same hospital capital budgets, OR integration footprints, and surgeon training resources as Mako, though in a different surgical specialty.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights4 records

Customer concentration

MAKO Surgical social profiles

Digital presence

MAKO Surgical financial estimates

Financial estimate

Revenue estimate

Valuation estimate

MAKO Surgical leadership team

Management profile

Number of profiles

Profiles2 records

MAKO Surgical funding detail

Funding detail

Funding overview

Funding rounds6 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

MAKO Surgical M&A and investment

M&A and investment

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MAKO Surgical

What does MAKO Surgical do?

MAKO Surgical designs, manufactures, and sells robotic-arm assisted surgical systems for orthopedic procedures, primarily total knee and hip replacements. Its Mako SmartRobotics platform integrates CT-based 3D surgical planning with haptic feedback-guided robotic arms that constrain the surgeon's movements to a predefined volume, enabling precise bone cutting and implant placement. The systems are sold to hospitals and medical centers, with clinical demonstration, training, and service support bundled into enterprise sales contracts.

Is MAKO Surgical a public or private company?

MAKO Surgical is a private company. It is classified as corporate owned and is currently acquired.

When was MAKO Surgical founded?

MAKO Surgical was founded in 2004. It employs 251 to 500 people.

Where is MAKO Surgical based?

MAKO Surgical is headquartered in Fort Lauderdale, United States, in the North America region.

Who are MAKO Surgical's main competitors?

Emerging players on record are Brainlab, Renishaw (Neuromate / neurosurgical robotics) and Globus Medical (ExcelsiusGPS). Direct peers are Think Surgical (TSolution One), Zimmer Biomet (ROSA), Johnson & Johnson DePuy Synthes (Velys), Smith+Nephew (CORI) and Stryker (Mako platform). Broad incumbents are Medtronic (Mazor / Hugo) and Intuitive Surgical (da Vinci).

Does MAKO Surgical have an API?

No public API is recorded for MAKO Surgical.

What industry is MAKO Surgical in?

MAKO Surgical's product category is Orthopedic Surgical Robotics. Its primary akta.pro industry code is HLAHADAF, Surgical Robotics & Computer-Assisted Surgery Platforms, with a secondary code of HLAHADAG, Surgical Navigation, Tracking & Intraoperative Guidance (Ortho/Neuro/ENT). Its NAICS code is 339112 and its SIC code is 3841.

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Live signals
Yahoo‘It’s made a huge impact’: Cherokee hospital acquires new robotCherokee Regional Medical Center in Iowa acquired a Mako SmartRobotics system for total knee, shoulder, and hip replacements. The robot uses CT scans and probes to guide surgeons, aiming to reduce incisions and ease recovery. Dr. Seth Harrer has used it for over a month and sees a positive impact.EIN PresswireArmy Veteran benefits from robotic spinal surgeryDenetra Dale, an Army veteran, became the first VA patient to receive spinal surgery using the MAKO robot at the Michael E. DeBakey VA Medical Center. The procedure used robotic assistance for precise screw placement, and the hospital plans to apply the system to knee and shoulder surgeries.Las Vegas Review-JournalKids try out medical robots at Southern Hills hospital showcaseSouthern Hills Hospital Medical Center in Las Vegas hosted a science and robotics event on April 26, 2026, as part of the annual Las Vegas Science and Technology Festival, allowing hundreds of children to participate in a teddy bear clinic and interact with medical robots. The hospital showcased several robotic surgical systems including the da Vinci 5 and Mako SmartRobotics, with representatives from Intuitive and Mako demonstrating their technologies to attendees. Hospital CEO Nick Johnson stated each medical robot costs approximately $1 million and emphasized that such advanced technology helps attract top medical talent to serve the Las Vegas Valley.PR NewswireOrthopedic Implants Market: Sales in Knee Reconstruction Pre-eminent, Hip Reconstruction to Gain Steady Momentum, Slates Fact.MRA Fact.MR market research report projects the global orthopedic implants market to grow at a 6.5% CAGR from 2018 to 2027, with knee reconstruction accounting for the largest revenue share, followed by hip reconstruction. Government initiatives, such as India's NPPA implementing a 65% price cap on knee reconstruction implants, are shaping market dynamics while the FDA has approved multiple robotic surgery systems for orthopedic procedures. Strategic acquisitions including Stryker's purchase of Mako Surgical Corp. and Smith & Nephew's acquisition of Blue Belt Holdings underscore ongoing consolidation in the robot-assisted orthopedic implant segment.Harvard GazetteDigitalization of Surgical InterventionRobotic surgical systems with digital tracking capabilities are disrupting the traditional surgical instrument market, with Intuitive Surgical growing to $43.94 billion market capitalization since 2000. Major medical device companies including Johnson & Johnson, Medtronic, and Stryker are responding through strategic acquisitions and partnerships—Stryker acquired Mako Surgical for $1.65 billion, while J&J partnered with Google's Verily to create Verb Surgical and acquired Neuwave Medical. The article analyzes competitive implications for Johnson & Johnson, which derives 37% of total revenue from medical devices generating $25.1 billion in 2016, as the company risks losing market share without a coordinated response to surgical robotics.PR NewswireWorld Surgical Robotics Market - Opportunities and Forecast, 2014 - 2020A market report published by ReportLinker on March 10, 2016, forecasts the global surgical robotic systems market to grow from $3.3 billion in 2014 to $6.4 billion by 2020 at a CAGR of 10.2%. The study highlights Intuitive Surgical Inc. as the market leader with its Da Vinci system, while also profiling competitors such as Think Surgical and Mako Surgical. Key growth drivers include demand for minimally invasive surgeries, whereas high costs and safety incidents pose potential restraints.GlobeNewswireMAKO Surgical Corp. Reports Operating Results for the Third Quarter 2013MAKO Surgical Corp. reported Q3 2013 revenue of $22.8 million, down 22% year-over-year, and a net loss of $21.3 million. The company also announced a merger with Stryker, which will convert shares into $30 cash per share, and acquired Pipeline Biomedical. MAKO withdrew its 2013 guidance due to the pending merger.GlobeNewswireMAKO Surgical Corp. Announces Agreement to Acquire Assets of Pipeline Biomedical HoldingsMAKO Surgical Corp. agreed to acquire Pipeline Biomedical Holdings' orthopedic device business, including hip implants for its RIO robotic system. The deal includes a $2.5 million cash payment and 3.95 million shares, with closing expected by October 4, 2013.GlobeNewswireStryker Announces Definitive Agreement to Acquire MAKO Surgical Corp. for $1.65 BillionStryker announced a definitive agreement to acquire MAKO Surgical Corp. for $30 per share, totaling about $1.65 billion. The deal is expected to be dilutive to Stryker's adjusted EPS by $0.10-$0.12 in the first full year, neutral in year two, and accretive thereafter.GlobeNewswireMAKO Surgical Corp. Announces Definitive Agreement to Be Acquired by Stryker Corporation for $30 per Share in CashStryker agreed to acquire MAKO Surgical Corp. for $30 per share in cash, totaling about $1.65 billion. The deal is subject to shareholder approval and customary closing conditions. J.P. Morgan is acting as financial advisor.