Thursday, December 23, 2021
Envista Holdings Corporation announced it has entered into a definitive agreement to acquire Carestream Dental's Intra-Oral Scanner (IOS) business for $600 million. The transaction is subject to customary regulatory approvals and expected to close in Q2 2022.
The acquisition of this business is in line with Envista's long-term strategy to focus on the fastest growing segments of the dental market and to create differentiated solutions via the digitalization of dental workflows. With expected annual sales of around $60 million in 2021, this business is a high growth, high margin business that is complementary to both Envista's Equipment and Consumables segment and the Specialty Products and Technologies segment.
Envista Holdings Corporation CEO Amir Aghdaei said, "Intra-oral scans are often the first step in the digital workflow and critical to many high value dental procedures including implants, prosthetics, and aligners. We are excited to add a suite of world-class intra-oral scanners and software to our portfolio. This acquisition further enables our purpose of partnering with dental professionals to improve patients' lives by digitizing, personalizing, and democratizing dental care."
The transaction is subject to the satisfaction of certain customary closing conditions, including the receipt of applicable regulatory approvals. The transaction is not subject to a financing condition or shareholder vote.
J.P. Morgan Securities LLC acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Envista on the transaction.