Just last September, Dentsply International (NASDAQ: XRAY) acquired Sirona Dental Systems (NASDAQ: SIRO) for $5.5 billion in an all-stock transaction. The acquisition added Sirona’s worldwide dental equipment business, which posted revenues of $1.15 billion (4.8x) on a trailing 12-month basis, and EBITDA of $280 million (19.8x). The transaction created the world’s largest maker of professional dental products and technologies, with net revenue of approximately $3.8 billion and adjusted EBITDA of more than $900 million on pro forma basis.
Nine months later, the combined company, now known as Dentsply Sirona Inc., purchased the Israeli dental implant maker MIS Implants Technologies Ltd. for $375 million in cash.
MIS is positioned to address the value segment of the market in its home region and around the world, with a broad portfolio of implants and related products. Dentsply Sirona expects this transaction to be accretive to adjusted earnings per share within the first 12 months following the closing of the transaction. Moelis & Company acted as financial advisor to Dentsply Sirona.