(By Balaseshan) PSS World Medical Inc. (NASDAQ:PSSI), a distributor of medical products and services to front-line caregivers, said it has agreed to sell its specialty dental business to Beecken Petty O'Keefe & Co. for a sale price of $68 million.
The proceeds from this sale, which were at the high end of PSS World's expectations, will accelerate investments to drive long-term growth in the company's four focused verticals -- Physician, Laboratory, Dispensing and Home Care & Hospice.
As a part of this transaction, PSS and Beecken Petty O'Keefe have entered into certain agreements to ensure a seamless transition of customers and team members.
"Through a comprehensive process, we identified a buyer for our specialty dental business that has significant healthcare expertise and investment capabilities to grow this business," said David Bronson, Executive Vice President and Chief Financial Officer of PSS World Medical.
The transaction is expected to close in October 2012, following the satisfaction of regulatory licensing requirements and other closing conditions. William Blair served as financial advisor for PSS World Medical.
PSS is a national distributor of medical products and supplies, diagnostic equipment, healthcare information technology and pharmaceutical products, and provides professional and consulting services to the physician, long-term care, assisted living, home health care, and hospice markets.
PSSI closed Wednesday's regular session up 0.91% at $23.27. The stock has been trading between $18.50 and $25.99 for the past 52 weeks.