Envista Holdings Corporation (NYSE: NVST) has inked an acquisition agreement to purchase Carestream Dental's Intra-Oral Scanner (IOS) business for $600 million. Envista has earned a reputation as a global family of more than 30 trusted dental brands, including KaVo, Kerr, Nobel Biocare, and Ormco, sharing a common purpose to partner with professionals to enhance lives.
The acquisition of this business is consistent with Envista's long-term strategy to focus on the rapidly increasing segments of the dental market and to create differentiated solutions via the digitalization of dental workflows. This business has projected annual sales of around $60 million in 2021.
Moreover, the business is a high growth, high margin business that is harmonizing to both Envista's Equipment and Consumables segment and the Specialty Products and Technologies segment. Envista Holdings Corporation believed that this acquisition further help the company to achieve the aim of collaborating with dental professionals to enhance patients' lives by digitizing, personalizing, and democratizing dental care.
In addition, the deal is anticipated to execute in Q2 2022. Its execution depends on customary regulatory authorizations. Furthermore, the transaction is dependent on the fulfillment of certain customary closing conditions, including the receipt of applicable regulatory endorsements. The transaction is not dependent on a financing condition or shareholder vote.