Earlier on Friday, Dentsply International Inc. declared that regulatory agencies have approved its acquisition of Astra Tech AB, a subsidiary of AstraZeneca PLC involved in the manufacture of dental implants and urology products.
On Aug. 31, Dentsply is expected to close the deal at $1.79 billion. Dentsply was said to complete the purchase of Astra Tech by the end of 201, when the company declared its sell-out in June. With the acquisition of Astra Tech, Dentsply is now one of the leading dental implant companies in the world.
In order to fuel the deal, Dentsply is selling $1 billion in debt securities. The company is said to offer Astra Tech $250 million in senior notes by 2013, $300 million by 2016, and $450 million by 2021, and anticipates the offering to close on Tuesday. Citigroup Global Markets, Morgan Stanley, Wells Fargo Securities, and Mitsubishi UFJ Securities are amongst the underwriters of the offering.
In morning trading, Dentsply shares hiked 50 cents to $32.31.