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Dentsply buying Sirona in $5.5B deal

Dental equipment maker Dentsply will buy Sirona Dental in an all-stock deal valued at about $5.5 billion, creating the largest manufacturer of professional dental supplies.

Shares of both companies rose in extended trading. At their closing prices, Dentsply and Sirona had market capitalizations of about $7.6 billion and $5.5 billion, respectively.

Sirona Dental supplies
Source: Sirona Dental

The combined company, which will be called Dentsply Sirona, will trade on the Nasdaq under the ticker symbol XRAY. The companies said they generated about $3.8 billion in combined net revenue in the last 12 months.

Dentsply shareholders will own 58 percent of the combined company. Sirona CEO Jeffrey Slovin will hold the same title, while Dentsply Chairman and CEO Bret Wise will become executive chairman.

"With a strong financial profile, comprehensive product offerings and integrated solutions, Dentsply Sirona will be uniquely positioned to deliver attractive returns for our shareholders and make dentistry better, faster and safer around the world," said Wise in a statement.

Pennsylvania-based Dentsply makes a variety of dental equipment, while New York-based Sirona is a leader in technology platforms for the field. The companies touted the prospect for increasing scale and housing a range of offerings within one firm.