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Sun Life to purchase PDG
Posted on Friday, 21 April 2017 11:21
The US unit of Sun Life Financial has signed on the dotted line to snap up Minnesota-based online dental network operator Premier Dental Group (PDG) for an undisclosed amount.
Financial terms for the deal were not disclosed.
Stacia Almquist, vice president of the buyer’s Dental and Vision division, said: "This is an exciting addition to our growing dental business. PDG's strong brand and robust network will help us enhance the dental experience for our clients in the regions where PDG operates."
The deal is subject to the usual raft of conditions and is expected close by the end of the second quarter of 2017.
As a result of the transaction, Sun Life will further strengthen its proprietary dental network, which has been bolstered in the past by its acquisition of Montana-headquartered Assurant Employee Benefits Group in 2016.
Last year’s purchase resulted in the buyer having the second-largest dental network in the US.
PDG’s customer base includes dental plan issuers and administrators who use the firm’s network to supplement their own networks.
The firm, which was founded in 1991, is also active in Florida, Wisconsin and Missouri, among other states in the Midwest.
Ontario-based Sun Life claims to be a frontrunning international financial services organisation providing a range of insurance, wealth and asset management services.
The company operates across Canada, the US, the UK, Ireland, Hong Kong, the Philippines and Japan, among others.
Sun Life, which is listed on the Toronto, New York and Philippine Stock Exchanges, serves over 60,000 customers and offers a broad portfolio of products in the disability and absence management, life, dental and vision, voluntary and stop-loss insurance industries.
In the 12 months ended 31st December 2016, the business generated adjusted revenue of CAD 28.67 billion (USD 21.27 billion), a 10.6 per cent increase on CAD 25.92 billion in the previous year.
Net income totalled CAD 2.49 billion for the period (FY 2015: CAD 2.29 billion).
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 45 deals targeting dental equipment and supplies manufacturers announced worldwide since the beginning of 2016.
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