Thomson Geer is pleased to act for ASX-listed Australian dental surgery chain 1300Smiles in its $165 million sale to trans-Tasman dental operator Abano Healthcare Group.
The acquisition by a scheme of arrangement will see Abano Healthcare, which owns the Maven Dental chain in Australia and New Zealand’s Lumino The Dentists network, acquire up to 84% of 1300Smiles.
The Thomson Geer team was led by Brisbane Partner Eugene Fung, who said the deal presents an opportunity for 1300Smiles dental professionals to join a larger and more diverse dental group that will support growth across Australia and New Zealand.
“We are pleased to have advised 1300Smiles on this transformational deal. It is the culmination of 30 years of work by founder Dr Daryl Holmes OBE and provides IPO shareholders who invested at $0.80 to realise their investment at $8.00,” Eugene said.
13o0Smiles was founded in Queensland by Dr Holmes, who will retain 26% of his shares in the company. It operates 33 dental practices and provides care to more than 180,000 patients a year.
The deal is subject to a number of conditions but is expected to complete in November.