Swiss dental implant company Nobel Biocare said on Monday that it has agreed to be bought by United States medical-device maker Danaher for about CHF2 billion ($2.1 billion) in cash.
Danaher will pay CHF17.10 in cash per share, valuing Nobel Biocare at about CHF2 billion. Nobel Biocare revealed in July that it had been approached by interested buyers.
The dental implant company’s board of directors said the offer is in the best interests of the company, its shareholders, employees, clients and suppliers and is recommending that its shareholders accept the offer.
The acquisition will allow Danaher to increase its annual sales to about $3 billion. Danaher said it expects to complete the purchase late this year or in early 2015.
Nobel has about 17% of the implant market, while Swiss rival Straumann holds about 18%. Straumann’s Chief Executive Officer Marco Gadola said on August 26 that the company had looked at acquiring Nobel Biocare, but found it wasn’t a fit for strategic reasons.
swissinfo.ch and agencies