DentaQuest and DCP Holding Company, the parent company of the Dental Care Plus Group (DCPG), have entered into a definitive merger agreement under which Dental Quest will acquire the DCPG companies as wholly owned subsidiaries. DCPG, a dental insurance provider, covers 380,000 members and has a network of 246,000 providers.
“This agreement with DCPG is an important building block for DentaQuest’s vision to truly transform the oral health system,” said Steve Pollock, president and CEO of DentaQuest. “Our Preventistry model takes a holistic approach to improve access and affordability to quality oral health, and we are excited to take this step with DCPG and enhance our capabilities in the Midwest.”
“DentaQuest sees great opportunity in expanding our existing group dental model and in the differentiation that stems from our strong provider networks. We look forward to continuing our growth trajectory while delivering on our commitment of high-touch service to all of our stakeholders,” said Robert Hodgkins, president and CEO of DCP Holding.
DCPG will remain headquartered in Sharonville, Ohio. DentaQuest will pay cash consideration for the outstanding DCPG common shares equal to $41.5 million, minus transaction expenses. DCPG also will pay a special cash dividend to shareholders currently estimated at $8 million. DCPG estimates that these shareholders will receive $3,000 per share. The transaction is expected to close in the second or third quarter of 2019.
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