BUPA Finance PLC Bupa completes acquisition of Oasis Dental Care (5431W)

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RNS Number : 5431W

BUPA Finance PLC

10 February 2017

Embargoed until 07:00 GMT 10 February 2017

BUPA COMPLETES ACQUISITION OF OASIS DENTAL CARE

Bupa today announces it has completed its acquisition of Oasis Dental Care, the UK's leading private dental provider, following regulatory referral from the European Commission to the UK Competition and Markets Authority (CMA).

This is an important milestone for Bupa, with the acquisition playing a significant part in Bupa's strategy to offer customers high quality dental services across the UK. Bupa will become a major dental provider in the UK's GBP7.1bn dental market, with over 2m dental patients and more than 400 clinics.

David Hynam, Bupa UK Managing Director said: "We're delighted to announce that Bupa's acquisition of Oasis Dental is now complete. There's strong customer demand for high-quality, value-for-money dental services that are convenient and easy-to-use. Bupa and Oasis have a shared commitment to putting patients first, and we look forward to welcoming the Oasis team into the Bupa family."

Justin Ash, Oasis CEO said: "Bupa is a fantastic permanent home for the Oasis business; both organisations care deeply about patients and people, and both are focused on delivering high quality clinical care. We look forward to the continued success of Oasis under Bupa ownership."

In November 2016, Bupa announced it had agreed to acquire Oasis. The acquisition is subject to final clearance from the CMA. Oasis will continue to operate as a separate business from Bupa until clearance is granted.

- ENDS -

For more information, please contact:

Bupa:

   --      Media: Sally Pain or Jo Simmons on [phone] or email [e-mail] 
   --      Investors: Gareth Evans [phone] 

Oasis:

   --      Damian Reece [phone] [e-mail] 

Notes to Editors:

-- Bupa completed the acquisition of Oasis Dental Care on 09 February 2017 with an enterprise value of GBP835m.

-- The UK dental market was estimated as GBP7.1 billion in 2015/16 (52% private and 48% NHS). It is forecast to grow by 2.1% (CAGR) per year by 2020/21. Underlying long-term growth is driven by structural factors including favourable demographics such as ageing and a growing population, government policy trends as dentistry becomes a higher profile public service, and the growth in cosmetic dentistry.

-- Oasis Dental Care is the second largest dental provider in the UK with 380 practices and over 1,800 dentists, serving both the private and public sectors in equal measure. Oasis Dental Centre has annual revenue of GBP277m for the financial year 2015/16, more than 6,000 people and serves 2m active patients in the UK.

-- About Bupa: Bupa's purpose is helping people live longer, healthier, happier lives. Our status, as a company limited by guarantee with no shareholders, enables us to make our customers our focus, reinvesting our profits to provide more and better healthcare for current and future customers.

We employ over 84,000 people, principally in the UK, Australia, Spain, Poland, Hong Kong, Chile, Brazil, Saudi Arabia, India, New Zealand, Thailand and the US.

Around 70% of our revenue is from health insurance, with the rest from health and care provision. We fund healthcare around the world and run clinics, hospitals, dental centres, care homes and retirement villages in a number of countries.

For more information, visit www.bupa.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 10, 2017 02:00 ET (07:00 GMT)