DENTSPLY International Inc. (NASDAQ: XRAY) saw its shares pull back slightly in Monday’s session following news of an acquisition. The company announced a definitive agreement to acquire all of the outstanding shares of privately held MIS Implants Technologies, a dental implant systems manufacturer headquartered in northern Israel, for $375 million in cash.
Dentsply Sirona expects this transaction to be accretive to adjusted earnings per share within the first year following the closing of the transaction.
Moelis & Co. is acting as the financial advisor to Dentsply Sirona.
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For some background, Dentsply Sirona is the world’s largest manufacturer of professional dental products and technologies. The company develops, manufactures, and markets a comprehensive solutions offering including dental and oral health products as well as other consumable medical devices under a strong portfolio of world class brands.
Jeffery T. Slovin, CEO of Dentsply Sirona, commented:
MIS is uniquely positioned to address the value segment of the market in both its home region and around the globe. It is strategically important to be able to address the entire multi-billion dollar implant market with distinct organizations, portfolios and brands targeting both the premium and value segments. MIS has a broad portfolio of implants and related products under a well-established brand making it a great complement to our company. This acquisition underscores our commitment to deploying capital to drive growth and create shareholder value.
So far in 2016 Dentsply stock has performed relatively flat in comparison to the broad markets. However over the past year, the stock is actually up 17%.
Shares of Dentsply were last trading down 3.4% at $59.19, with a consensus analyst price target of $68.67 and a 52-week trading range of $49.48 to $65.83.
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