Dentsply and Sirona to merge
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- Published: Tuesday, 15 September 2015 23:57
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Dentsply International and Sirona Dental Systems are to merge, creating the world's largest maker of professional dental products with a value of about $13.3 billion, it was announced by the companies on Tuesday. The merger will involve shares in the companies only, no cash. Sirona shareholders will receive 1.8142 shares of Dentsply for each Sirona share. The combined entity is expected to have revenue of about $3.8 billion and adjusted earnings before interest, taxes, depreciation, and amortization of more than $900 million. Shares of Dentsply were up 1.4% while Sirona shares rose 1.2% during regular session but both were halted in after-hours trade pending news of the merger.
The new company will be named Dentsply Sirona. This ewas announced on NASDAQ, the exchange where both company shares are traded.
The transaction,will need regulatory apoproval, and is expected to be completed in the first quarter of 2016. The new combined company will have15,000 employees globally, it was announced.
"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," said Jeffrey Slovin, president and CEO of Sirona, in a press release. "I look forward to leading the talented teams of both Sirona and Dentsply as we drive the global digitization of dentistry, offer superior solutions to customers and patients, and create the dental solutions company."
"We are excited about bringing together two industry leaders," stated Bret Wise, chairman and CEO of Dentsply, in the release. "Dentsply Sirona will offer a comprehensive line of solutions to more effectively meet the needs of dental professionals all over the world and advance patient care."
Global headquarters will be located in York, Pennsylvania, the location of Dentsply's current headquarters.
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