25 Jun 2012

Abano buys remaining 30% of Australian dental business

6:27 am on 25 June 2012

Abano Healthcare has bought the remaining 30% of an Australian dental business that it does not already own for $A14 million.

The offer for Dental Partners is unconditional, unless Abano cannot get at least 90% of shares in the business.

Once it reaches this level, it can compulsorily buy the rest of the company.

Chairman Trevor Janes says Dental Partners is one of Australia's largest dental consolidators and is a significant revenue and earnings generator for the company.

The acquisition will be funded through debt, with Abano increasing its banking facility from $40 million to $50 million.