planmeca Verwaltungs GmbH entered into a binding agreement to acquire KaVo Dental Treatment Unit and Instrument Business from Envista Holdings Corporation (NYSE:NVST) for approximately $460 million on September 7, 2021. As part of consideration, planmeca Verwaltungs will pay a total consideration of $455 million, which includes a potential earn-out payment of up to $30 million, subject to certain adjustments. In a related transaction, Envista and Planmeca will enter into certain additional ancillary agreements, including transitional services agreements. Planmeca Oy has executed a debt commitment letter and an interim loan agreement with Nordea Bank ABP, each dated September 6, 2021. Planmeca will pay a reverse termination fee of $25 million if the Envista Holdings terminates the agreement. The revenue of the business to be sold was approximately $317 million in fiscal years 2020. Post-closing, Envista Holdings Corporation will no longer own the “KaVo” brand name, or any variation of the name, logos or related intellectual property rights. The transaction is subject to the satisfaction of certain customary closing conditions, including the receipt of applicable regulatory approvals and applicable merger control clearance for the transactions contemplated hereunder under the merger control laws of Germany. The transaction is expected to close at the end of 2021. Envista Holdings Corporation will use the net proceeds from the divestiture to continue their product portfolio transformation with a disciplined approach to capital deployment.

J.P. Morgan Securities LLC acted as financial advisor and Attila Oldag and Christian O. Nagler of Kirkland & Ellis LLP acted as legal advisor to Envista on the transaction. Planmeca Oy will act as guarantor in this transaction. Christoph Winkler, Laurent Meister, e­lix Müller-Stieß, An­dreas Panz, Antje Kurz, Mar­kus Maier, Hanna Mi­chel, Christian Fuchs, Katja Schickle, Daria Ma­de­jska, Chris­tine Die­ner, Yvonne Hundsdörfer, Fran­ziska Cram­pen, Jes­sica Kie­fer, Si­mone Wind­ei­se, Phil­ipp Stürmer, Alex­an­der Eu­ch­ner, Chris­tof Zond­ler, Yan­nik Badde, Sven Stuck­mann and Ma­xi­mi­lian Frit­sch, Christoph Eppinger and Florian Seizer of Ebner Stolz Gmbh & Co. Kg acted financial due diligence provider. Christoph Winkler, Laurent Meister, Felix Müller-Stieß, Andreas Panz, Antje Kurz, Markus Maier, Nadine Bläser, Yvonne Hundsdörfer, Franziska Crampen, Jessica Kiefer, Simone Windeisen and Philipp Stürmer of Ebner Stolz Gmbh & Co. Kg acted as legal due diligence provider to planmeca Verwaltungs GmbH. Alexander Euchner, Christof Zondler Yannik Badde, Sven Stuckmann and Maximilian Fritsch of Ebner Stolz Gmbh & Co. Kg acted as tax due diligence provider and Felix Müller-Stiess and Christoph Winkler of Ebner Stolz Mönning Bachem Wirtschaftsprüfer Steuerberater Rechtsanwälte acted as the legal advisor to planmeca Verwaltungs GmbH. Miroslav Dubovsky and David Padysak of DLA Piper Prague LLP acted as legal advisor to Envista Holdings Corporation.