Envista Holdings Corporation has completed the sale of its KaVo Treatment Unit and Instrument business, receiving $317.3 million.
Envista received $317.3 million in cash on the closing date and expects to receive total gross proceeds of $383 million, which includes an earnout and certain adjustments to be paid out by the first half of 2022.
The business sold was part of Envista’s Equipment and Consumables segment. Envista’s Imaging business, which also currently uses the KaVo brand for select products, will stay with Envista as part of the Equipment & Consumables segment.
Envista will use the proceeds to fund strategic acquisitions and internal investments.
“Envista is focused on its strategic priorities to build and optimize a more consumables and digitally-enabled, workflow-oriented portfolio,” said Amir Aghdae, Envista Holdings Corporation’s chief executive officer. “This divestiture further enables Envista to invest organically and inorganically, expand our product offerings, and realize our purpose of partnering with dental professionals to improve patients’ lives by digitizing, personalizing, and democratizing dental care.”