Dentsply, Sirona Dental close $5.6B merger

Dentsply International (NSDQ:XRAY) and Sirona Dental Systems (NSDQ:SIRO) said today that they closed their $5.6 billion merger, after winning conditional approval last week from anti-trust regulators in the European Union. Sirona agreed to extend licensing agreements between it and key suppliers, with York, Pa.-based Dentsply also agreeing to technical and legal safeguards for rival block suppliers and a fast-track arbitration process to resolve disputes. In January, the companies’ shareholders approved the proposed merger, which cleared the U.S. Federal Trade Commission’s waiting period last November. The deal, announced in September, creates the world’s largest dental equipment maker. Sirona’s shareholders received 1.8142 XRAY shares for each SIRO share they owned; at roughly $98.06 apiece, that’s about a 0.7% discount on Sirona’s $99.31 closing price the day before the deal was announced. The combined company, Dentsply Sirona, is slated to trade on the NASDAQ exchange under the XRAY symbol. At that point Dentsply shareholders will own 58% of the new entity, with Sirona shareholders owning the rest. Dentsply Sirona’s global headquarters will be in York, with international HQ at Sirona’a base in Salzburg, Austria. “By combining Dentsply’s consumables platform with Sirona’s technology and equipment, the new company offers more products and integrated solutions than any other dental organization. Dentsply SironaR...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Blog Source Type: news