Danaher Buys Nobel Biocare in $2.1 Billion Cash Deal

By Neil MacLucas

ZURICH--U.S. healthcare group Danaher Corp. (DHR) said Monday it will acquire Swiss dental-implant maker Nobel Biocare Holding AG (NOBN.EB) in a cash deal worth about $2.1 billion, to strengthen its position in the dental market.

Danaher said it will pay 17.10 Swiss francs ($18.20) a share in a transaction expected to close by late 2014 or early 2015. Danaher said Nobel Biocare's board is recommending shareholders accept the offer, and that the Swiss company would operate as a stand-alone business within its dental platform.

The purchase comes amid a quickening of deal-making in the medical-device sector. In June, medical-device maker Medtronic Inc. (MDT) agreed to acquire rival Covidien PLC (COV) in a deal valued at almost $43 billion. In April, Zimmer Holdings Inc. (ZMH) and Biomet Inc., both makers of surgical implants, agreed to a $13.35 billion cash-and-stock deal.

Nobel Biocare has a market capitalization of about CHF1.7 billion. In 2013, the company had net profit attributable to shareholders of EUR42.6 million ($57.2 million) on revenue of EUR566.8 million.

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