10.14.15
York, Pa.-based Dentsply International is buying rival Long Island City, N.Y.-based Sirona Dental Systems for approximately $5.51 billion. The deal, according to the companies, would create the biggest maker of professional dental products and materials in the world.
Company officials would have $3.8 billion in combined sales. The combined company will be called Dentsply Sirona. Dentsply shareholders will own 58 percent of the company. Jeffrey T. Slovin, CEO of Sirona, will be CEO of the combined company and Dentsply Chairman/CEO Bret Wise will be chairman. The newly combined firm will be based in York.
From Dentsply, Christopher T. Clark and James G. Mosch will serve as president and chief operating officer, technologies and president and chief operating officer, dental and healthcare consumables, respectively. From Sirona, Ulrich Michel will serve as executive vice president and chief financial officer.
The deal is expected to be completed by the first quarter of 2016, pending approval from antitrust regulators and shareholders. Sirona shareholders will get 1.8142 shares of Dentsply for every share of Sirona they own. The companies said they plan to buy back $500 million in stock as soon as possible after the closing and will maintain Dentsply’s quarterly dividend of 29 cents.
“We are bringing together two companies that share a culture of innovation and will foster the development of differentiated, integrated solutions for general practitioners and specialists, particularly in the highest growth segments of the dental industry,” said Slovin. “Combining Sirona’s proven digital solutions and equipment with Dentsply’s leading consumables platform creates the most comprehensive dental solutions offering available to meet customer demand in every key segment.”
“We are excited about bringing together two industry leaders,” said Wise. “Dentsply Sirona will offer a line of solutions to more effectively meet the needs of dental customers all over the world and advance patient care. With a strong financial profile, comprehensive product offerings and integrated solutions, Dentsply Sirona will be positioned to deliver attractive returns for our shareholders and make dentistry better, faster and safer around the world. I look forward to working with Jeff and the combined management team to deliver on this mission.”
Sirona develops, manufactures, and markets a complete line of dental products, including CAD/CAM restoration systems, digital intra-oral, panoramic and 3-D imaging systems, dental treatment centers and handpieces. Dentsply’s oral health products range from general dental consumables and laboratory products to products supporting the dental specialty markets of orthodontics, endodontics and implants. The company’s global consumable healthcare product division provides urological and surgical solutions.
Company officials would have $3.8 billion in combined sales. The combined company will be called Dentsply Sirona. Dentsply shareholders will own 58 percent of the company. Jeffrey T. Slovin, CEO of Sirona, will be CEO of the combined company and Dentsply Chairman/CEO Bret Wise will be chairman. The newly combined firm will be based in York.
From Dentsply, Christopher T. Clark and James G. Mosch will serve as president and chief operating officer, technologies and president and chief operating officer, dental and healthcare consumables, respectively. From Sirona, Ulrich Michel will serve as executive vice president and chief financial officer.
The deal is expected to be completed by the first quarter of 2016, pending approval from antitrust regulators and shareholders. Sirona shareholders will get 1.8142 shares of Dentsply for every share of Sirona they own. The companies said they plan to buy back $500 million in stock as soon as possible after the closing and will maintain Dentsply’s quarterly dividend of 29 cents.
“We are bringing together two companies that share a culture of innovation and will foster the development of differentiated, integrated solutions for general practitioners and specialists, particularly in the highest growth segments of the dental industry,” said Slovin. “Combining Sirona’s proven digital solutions and equipment with Dentsply’s leading consumables platform creates the most comprehensive dental solutions offering available to meet customer demand in every key segment.”
“We are excited about bringing together two industry leaders,” said Wise. “Dentsply Sirona will offer a line of solutions to more effectively meet the needs of dental customers all over the world and advance patient care. With a strong financial profile, comprehensive product offerings and integrated solutions, Dentsply Sirona will be positioned to deliver attractive returns for our shareholders and make dentistry better, faster and safer around the world. I look forward to working with Jeff and the combined management team to deliver on this mission.”
Sirona develops, manufactures, and markets a complete line of dental products, including CAD/CAM restoration systems, digital intra-oral, panoramic and 3-D imaging systems, dental treatment centers and handpieces. Dentsply’s oral health products range from general dental consumables and laboratory products to products supporting the dental specialty markets of orthodontics, endodontics and implants. The company’s global consumable healthcare product division provides urological and surgical solutions.