Dentsply International (NSDQ:XRAY) and Sirona Dental Systems (NSDQ:SIRO) said their proposed, $5.56 billion merger-of-equals cleared the U.S. Federal Trade Commission’s waiting period, clearing the way for a close in the 1st quarter of 2016.
The merger, announced in September, would create the world’s largest dental equipment maker. It calls for Sirona shareholders to receive 1.8142 XRAY shares for each SIRO share they own. At roughly $98.06 apiece, that’s about a 0.7% discount on Sirona’s $99.31 closing price the day before the deal was announced.
The combined company, Dentsply Sirona, is slated to trade on the NASDAQ exchange under the XRAY symbol. At that point Dentsply shareholders will own 58% of the new entity, with Sirona shareholders owning the rest. Dentsply Sirona’s global headquarters will be in York, Pa., with international HQ in Salzburg, Austria.
Sirona president & CEO Jeffrey Slovin was named CEO of the new dental giant, with Dentsply chairman & CEO Bret Wise as executive chairman. Dentsply president & CFO Christopher Clark was named president & COO, Technologies, with executive VP & COO James Mosch as president & COO of dental & healthcare consumables. Sirona’s CFO, Ulrich Michel, was tapped for executive vice president & CFO at Dentsply Sirona.
The deal is forecast to deliver more than $125 million in pre-tax annualized synergies by the 3rd year, the companies have said.