BUPF.L Regulatory News (BUPF)

Embargo: 07:00 GMT

18 November 2016

Bupa to acquire Oasis Dental Care,

the UK's leading private dental provider, from Bridgepoint 

Today, Bupa announces it has agreed to acquire Oasis Dental Care, the UK's leading private dental provider, from Bridgepoint, the European private equity group, in a transaction totalling £835 million.

The move is a significant milestone in Bupa's strategy to offer customers high quality dental services. Bupa will become a major dental provider in the UK's £7.1bn[i] dental market, with over 2m customers, over 1,800 clinicians and 420 clinics.

Bupa UK Managing Director, David Hynam, said: "There's strong customer demand for high-quality, value-for-money dental services that are convenient and easy to use. Bupa and Oasis have a shared commitment to putting customers first, and we look forward to working together and welcoming the Oasis team into Bupa."

Oasis CEO, Justin Ash, said: "Our growth is accelerating and enthusiasm is building amongst dentists and customers. As part of the Bupa family, we can really develop further and continue to transform the UK dentistry market. Above all, the success of Oasis is built on the talent and commitment of our clinicians and staff, and the loyalty of our two million customers. We will continue to focus on their needs every day."

The transaction is subject to regulatory approvals.

- ENDS -

For more information, please contact:

Bupa: 

· Media: Sally Pain or Jo Simmons on +44 (0) 207 656 2454 or email bupapressoffice@bupa.com

· Investors: Gareth Evans +44 (0) 207 656 2316

Oasis: Damian Reece +44 (0) 7931 598 593 damian.reece@instinctif.com 

Bridgepoint: James Murray on +44 (0) 207 034 3555 or email james.murray@bridgepoint.eu

Notes to Editors:

· The UK dental market was estimated as £7.1 billion in 2015/16 (52% private and 48% NHS). It is forecast to grow by 2.1% (CAGR) per year by 2020/21. Underlying long-term growth is driven by structural factors including favourable demographics such as ageing and a growing population, government policy trends as dentistry becomes a higher profile public service, and the growth in cosmetic dentistry.

· Oasis Dental Care is the second largest dental provider in the UK, and the only branded operator of scale in its market with 380 practices and over 1,800 dentists, serving both the private and public sectors in equal measure. Oasis Dental Centre has annual revenue of £277m for the financial year 2015/16, more than 6,000 people and serves 2m active patients in the UK.

· Bupa is a global health and care company. It has dental businesses in the UK, Australia, New Zealand, Spain, Chile, Poland and Hong Kong. Bupa's status as a company limited by guarantee with no shareholders means customers are the focus, with Bupa reinvesting our profits to provide more and better healthcare for current and future customers. Around 70% of Bupa's revenue is from health insurance, with the balance coming from health and care provision. In 2015, Bupa had annual revenue of £9.8bn. It employs 84,000 people, principally in the UK, Australia, Spain, Poland, New Zealand and Chile, as well as Saudi Arabia, Hong Kong, India, Thailand and the US.