Dr. h.c. Thomas Straumann, the major shareholder and vice chairman of the board for Straumann, has sold a 10% block of shares to the Government of Singapore Investment Corporation (GIC), upping GIC's stake in the company to 14%.
The transaction is estimated to be worth more than 167 million Swiss francs ($179 million U.S.).
GIC first invested in Straumann in October of this year. Dr. Straumann remains the company's largest shareholder, with 17%.
"The prevailing weak economic environment has made it necessary to reallocate funds to support and meet my investment commitments in other areas," he stated in a press release.
