Bupa acquires dental
December 18, 2012
BUPA Australia is set to acquire
Dental Corporation (Dental Corp),
Australia and NZ’s largest dental
group, through a Scheme of
Arrangement under the
Corporations Act.
Under the Scheme, Bupa Australia
will acquire 100% of the shares in
Dental Corporation on completion,
whilst financial investors will be
entitled to receive $2.347 per share
and management and dentists will
be entitled to receive $0.9388 per
share (representing 40% of $2.347)
plus three annual earn out
payments over the next three years.
Each of these three earn out
payments will be primarily
determined by reference to the
gross earnings and enterprise value
of Dental Corp in each of the 2014,
2015 and 2016 financial years.
Dental Corp’s board has
unanimously recommended that
shareholders vote in favour of the
Scheme.
Dental Corp is comprised of 190
clinics and over 560 dentists.
“This deal supports Bupa’s purpose
of our customers living longer,
healthier, happier lives,” said Bupa
Australia and NZ MD, Dean Holden.
“It also assists in Bupa’s aim
globally to be a healthcare partner
to many more people around
the world,” he added.
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