Dentsply Sirona Announces $150 Million Accelerated Share Repurchase Program

Rhea-AI Summary

Dentsply Sirona (Nasdaq: XRAY) announced a $150 million accelerated share repurchase (ASR) agreement with Goldman Sachs, aimed at enhancing shareholder value. Under this agreement, the company will initially acquire around 3.1 million shares. The final share count will be determined based on the stock's average price during the ASR's valuation period, with potential adjustments affecting total expenditure. The completion of this ASR is expected by the end of Q2 2023, reflecting Dentsply Sirona's commitment to returning capital to shareholders and optimizing its capital structure.

Positive

• Share repurchase of $150 million enhances shareholder value.
• Initial delivery of approximately 3.1 million shares.
• Repurchase aligns with current share buyback authorization.

Negative

• None.

CHARLOTTE, N.C., March 06, 2023 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the “Company”) (Nasdaq: XRAY) today announced that it has entered into an accelerated share repurchase agreement (the “ASR”) with Goldman Sachs & Co. LLC to repurchase $150 million of its common stock. The ASR agreement will be completed under Dentsply Sirona’s current share repurchase authorization.

Under the terms of the ASR, Dentsply Sirona will initially receive delivery of approximately 3.1 million shares. The final number of shares will be based on the average of the daily volume-weighted average stock prices of Dentsply Sirona common stock during the valuation period of the ASR, less a discount and subject to adjustments. The resulting adjustments may affect the total amount expended or the aggregate number of shares repurchased. Final settlement of the ASR is expected to be completed before the end of the second quarter of 2023.

About Dentsply Sirona

Dentsply Sirona is the world’s largest manufacturer of professional dental products and technologies, with over a century of innovation and service to the dental industry and patients worldwide. Dentsply Sirona develops, manufactures, and markets a comprehensive solutions offering including dental and oral health products as well as other consumable medical devices under a strong portfolio of world class brands. Dentsply Sirona’s products provide innovative, high-quality and effective solutions to advance patient care and deliver better and safer dental care. Dentsply Sirona’s headquarters is located in Charlotte, North Carolina. The Company’s shares are listed in the United States on Nasdaq under the symbol XRAY. Visit www.dentsplysirona.com for more information about Dentsply Sirona and its products.

Contact Information

Investors:
Andrea Daley
VP, Investor Relations
+1-704-805-1293
InvestorRelations@dentsplysirona.com

FAQ

What is the purpose of Dentsply Sirona's $150 million share repurchase?

The $150 million share repurchase aims to enhance shareholder value by reducing the number of outstanding shares.

How many shares will Dentsply Sirona initially repurchase under the ASR?

Dentsply Sirona will initially repurchase approximately 3.1 million shares.

When is the expected completion date for the share repurchase?

The share repurchase is expected to be completed by the end of Q2 2023.

How will the final number of repurchased shares be determined?

The final number of shares will be based on the average daily volume-weighted stock prices during the ASR's valuation period, subject to adjustments.