Pentegra Dental Group, Inc. (PHOENIX, AZ) announced the closing of its previously announced acquisition of Omega Orthodontics, Inc. The transaction was approved by Pentegra Dental and Omega Orthodontics stockholders at special meetings held June 30, 1999, according to a company release.
Pursuant to the terms of the agreement dated March 15, holders of Omega Orthodontics common stock received a total 1.8 million shares of Pentegra common stock, representing approximately 17% of Pentegra Dental common stock outstanding after the merger. In addition, Pentegra Dental assumed $1.4 million in debt.
James M. Powers, Jr., D.D.S., president and chief executive officer of Pentegra Dental Group, said, "We are indeed pleased to have closed this important transaction, increasing the number of dentists affiliated with Pentegra to 138 and the number of practices to 100."