Bupa Set To Buy Australia’s Biggest Dental Group
Bupa is set to agree a deal to buy Australia and New Zealand’s biggest dental group, Dental Corp. The move has been cleared by the courts and the takeover is said to be worth £244 million.
Today Victoria’s Supreme Court ruled that Bupa’s Australian division could go ahead and buy Dental Corp; the move will mean that Bupa inherits 190 clinics in Australia and New Zealand.
Bupa already owns retirement villages and provides insurance and elderly care services in Australasia and the dental clinics will add a different dimension to the business. The firm has already committed to opening a string of new clinics in the UK, with the first recently opening its doors to the public in Holborn, Central London.
As news of the takeover surfaced, Abano shares, (Dental Corp’s main competitor), fell by 3.5 per cent; the current share price stands at $5.50.
Bupa New Zealan and Australia MD, Mr. Dean Holden said that Dental Corp was a “strong and successful business with scope to continue its profitability, footprint and service offerings.”
The sale should be finalised by the 31st May and represents major expansion plans for Bupa all over the world.
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