September 16, 2014
The Danaher Corporation, an American science and technology conglomerate, said on Monday that it had agreed to acquire Nobel Biocare Holding in a deal that values the company, a Swiss dental implant maker, at about $2.2 billion.
The deal, which includes the assumption of debt, is expected to expand Danaher’s presence in the global dental industry. The combined dental business would have annual sales of nearly $3 billion, the companies said.
Nobel Biocare would operate as a stand-alone company within Danaher’s dental business, maintaining its own brand and identity, the company said.
Danaher offered to acquire all of the outstanding shares for 17.10 Swiss francs, or about $18.31, apiece. The offer represents a 23 percent premium to the company’s closing price on July 28, the day before market speculation arose about a potential deal.
“This combination will help us build a strong platform for future growth,” Henk van Duijnhoven, the senior vice president of Danaher’s dental business, said in a news release.
Nobel’s board of directors recommended that shareholders accept the offer and agree to sell their shares to Danaher. The period when shareholders can begin tendering their shares to Danaher is expected to begin on Oct. 16.
“We view Danaher as the ideal strategic partner for the sustainable development of Nobel Biocare,” Rolf Watter, the Nobel Biocare chairman, said in a news release.
The offer is subject to regulatory approval and to shareholders agreeing to sell Danaher at least 67 percent of Nobel Biocare’s outstanding shares. The offer is expected to be completed late this year or early in 2015.
Based in Zurich, Nobel Biocare provides dental implants, prosthetics and software used in planning dental surgery. The company operates in 80 markets worldwide and posted revenue of 567 million euros, or about $735 million, in 2013.
Danaher, based in Washington, provides technology products and services to a variety of sectors, including health care, pharmaceuticals and consumer goods. The company employs about 66,000 people and generated revenue of $19.1 billion in 2013.
Goldman Sachs advised Nobel Biocare’s board of directors.
Shares of Nobel Biocare were down 5.8 percent to 17.05 francs in trading in Zurich on Monday morning.
By Chad Bray
For more, please visit: http://dealbook.nytimes.com/2014/09/15/danaher-agrees-to-acquire-swiss-dental-implant-maker/?_php=true&_type=blogs&_php=true&_type=blogs&_r=1&.
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