Cantel Medical has agreed to acquire instrument manufacturer Hu-Friedy for $725 million in cash and stock.
Hu-Friedy will be combined with Crosstex, Cantel's dental division, when the transaction is completed. The acquisition is expected to close before fall 2019, according to Cantel.
Ron Saslow, the chairman and CEO of Hu-Friedy, and Ken Serota, president of Hu-Friedy, will lead the combined dental business after the transaction closes. Gary Steinberg, president of Crosstex, will assist in the transition and then retire at the end of the year, according to Cantel.
The acquisition will improve patient care while benefiting dentists and dental practices, noted George Fotiades, president and CEO of Cantel.
"By bringing together our highly complementary dental portfolios, we will create a business that is uniquely positioned to address the most critical workflow needs of our customers while improving patient care," he stated in a press release.
Under the terms of the acquisition, Cantel will pay $725 million, with up to $60 million in stock and the reminder in cash, as well as up to $50 million in earnout payments payable in cash and stock to Hu-Friedy shareholders based on the reaching commercial milestones in the first 18 months after closing, according to Cantel.
