DENTSPLY Acquires Astra Tech
Sale “more than doubles DENTSPLY’s position in dental implants.”
AstraZeneca PLC has agreed to sell its dental implants and medical devices unit Astra Tech to US-based DENTSPLY International Inc. for $1.8 billion, after a sale process that attracted strong interest from private-equity firms and strategic buyers looking to tap into growth in the dental implants market.
Astra Tech, based in Sweden, was put up for sale late last year by the UK-based drug maker and received a series of bids from private-equity firms and medical companies.
The ultimate winner, DENTSPLY, is one of the world’s largest makers of implants and other dental appliances, and distributes its products in 120 countries. It said buying Astra Tech will lift its revenue by some 25% and be immediately accretive to earnings, while making it the world’s third-largest dental implant business.
“The combination more than doubles our position in dental implants while expanding the breadth of our portfolio in this growing segment of dentistry. The urology and surgery business and management team provide us with additional growth opportunities,” DENTSPLY chief executive officer Bret Wise said in a statement.
AstraZeneca CEO David Brennan said the deal was an excellent outcome for AstraZeneca shareholders. “The high degree of interest and the competitive nature of this process is evidence of the value that the employees of Astra Tech have built in the marketplace,” he said.