Danaher completes separation from Envista

Nobel Biocare

www.nobelbiocare.com

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The exchange ratio for swapping Danaher and Envista common stocks was based on daily volume-weighted average prices of the two stocks on the New York Stock Exchange over three consecutive trading days in December. (Image: Vendtusud/Shutterstock)

Dental Tribune International

Fri. 20. December 2019

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BREA, Calif., U.S.: Envista Holdings has announced that it is no longer bound to parent company Danaher. A successful exchange offering that closed on Dec. 13 saw the former parent company offload its remaining interest in Envista, which is now both fully independent and one of the largest dental companies in the world.

Envista said in a statement that the journey that it began in 2018, when Danaher announced that it would spin off its dental platform into a single global dental products company, was now complete. The dental businesses united under the Envista banner are Nobel Biocare, Ormco and KaVo Kerr.

Danaher made financial headlines in recent months. In June 2019, the company announced that it would take Envista public via an initial public offering (IPO) on the New York Stock Exchange. The September IPO was a success. Danaher retained an approximately 80% stake in the company, and investors and underwriters purchased over 30 million Envista shares. Later, in November, Danaher announced an exchange offer to shareholders through which they would have the opportunity to swap their Danaher stock for stock in Envista.

“Danaher accepted an aggregate of 22,921,984 shares of Danaher common stock in exchange for all of its 127,868,000 shares of Envista common stock,” the statement read. The former parent company now no longer holds any voting or economic interest in Envista common stock.