Dentsply in $1.8bn deal for Astra Tech

American company Dentsply International has secured a bigger bite of the global dental market by buying AstraZeneca's Astra Tech dental implants and medical devices unit for $1.8 billion (£1.1bn).

Dentsply beat off bids from rival medical technology groups and private equity firms in an auction run by JPMorgan.

Swedish-based Astra Tech, which had revenue last year of $535 million, will increase Dentsply's revenue by about 25 per cent and boost its earnings immediately. The proceeds will help fund investment and a share buy-back programme at AstraZeneca.