BREA, Calif., Sept. 17, 2019 /PRNewswire/ -- Envista
Holdings Corporation, a subsidiary of Danaher Corporation (NYSE:
DHR), announced today the pricing of its initial public offering
(IPO) of 26,768,000 shares of its common stock at a price to the
public of $22.00 per share. The
shares are expected to begin trading on the New York Stock Exchange
under the ticker symbol "NVST." The gross proceeds of the offering,
before deducting underwriting discounts and commissions and other
offering expenses, are expected to be $588,896,000, excluding any exercise of the
underwriters' option to purchase additional shares. The offering is
expected to close on September 20,
2019, subject to customary closing conditions.
Envista has granted the underwriters a 30-day option to purchase
up to 4,015,200 additional shares of common stock at the initial
price to the public, less underwriting discounts and
commissions.
Following the IPO, Danaher is expected to hold approximately
82.7% of Envista (80.6% if the underwriters' overallotment option
is exercised in full). The net proceeds from the IPO are expected
to be paid to Danaher as partial consideration for the dental
businesses that Danaher is transferring to Envista in connection
with the IPO.
J.P. Morgan, Goldman Sachs & Co. LLC and Morgan Stanley are
joint lead book-running managers for the offering. Baird, Evercore
ISI and Jefferies are book-running managers for the offering. BofA
Merrill Lynch, Credit Suisse, Stifel and William Blair are co-managers for the
offering.
The offering will be made only by means of a prospectus. Copies
of the prospectus related to the offering may be obtained from:
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood,
NY 11717 or by telephone at 866-803-9204 or by email at
prospectus-eq_fi@jpmchase.com;
Goldman Sachs & Co. LLC, Attention: Prospectus Department,
200 West Street, New York, NY
10282, email: prospectus-ny@ny.email.gs.com, telephone:
1-866-471-2526, fax: 1-212-902-9316; or
Morgan Stanley & Co. LLC, Attention: Prospectus Department,
180 Varick Street, Second Floor, New
York, New York 10014.
A registration statement relating to these securities was filed
with, and declared effective by, the U.S. Securities and Exchange
Commission (SEC). This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
ABOUT ENVISTA
Envista is a global dental products company that develops and
provides a comprehensive portfolio of dental consumables, equipment
and services to dental professionals covering an estimated 90% of
dentists' clinical needs for diagnosing, treating and preventing
dental conditions as well as improving the aesthetics of the human
smile. Envista's operating companies, Nobel Biocare Systems, Ormco
and KaVo Kerr, serve more than one
million dentists in over 150 countries.
ABOUT DANAHER
Danaher is a global science and technology innovator committed
to helping its customers solve complex challenges and improving
quality of life around the world. Its family of world class brands
has leadership positions in the demanding and attractive health
care, environmental and applied end-markets. With more than 20
operating companies, Danaher's globally diverse team of
approximately 71,000 associates is united by a common culture and
operating system, the Danaher Business System, and its Shared
Purpose, Helping Realize Life's Potential.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that are
based on management's current expectations, but actual results may
differ materially due to various factors. These statements relate
to the offering and the use of proceeds therefrom. There are
significant risks and uncertainties relating to the offering. There
can be no guarantees that the IPO will be consummated on the
timeline anticipated or at all or that Danaher will achieve the
anticipated benefits of the IPO. Danaher's ability to consummate
and achieve the anticipated benefits of the IPO may be materially
affected by such factors as changes to the business, results of
operation or financial condition of Envista or Danaher, changes in
the dental products industry, adverse market or macroeconomic
conditions and other factors outside Danaher's control. Each
of Danaher and Envista undertakes no duty to update forward-looking
statements, except as may be required by law.
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SOURCE Danaher Corporation; Envista Holdings Corporation