Danaher Corp, an American healthcare conglomerate has agreed to acquire Nobel Biocare Holding AG for an agreed $2.2 billion, also including debt, so that they can expand in the global dental industry.

Danaher said that it would pay 17.10 Swiss francs per share of Nobel Biocare in cash, which is around 23 percent above Nobel Biocare’s closing price on July 28, the day before the Swiss firm said it was in talks with potential buyers.

Shares of Nobel Biocare fell 5.5 percent in early trade after analysts had said the company could fetch a price of over 20 francs per share.

According to sources, it was unlikely that a counter bid would materialize since fellow dental implant makers Dentsply and Straumann had already ruled out interest.

This acquisition of the world’s second-largest dental implant maker will bring Danaher a premium range of implants to add to its orthodontics and digital imaging systems and also boost its dental business to sales of around $3 billion.

Danaher’s Dental segment’s Senior Vice President, Henk van Duijnhoven said that this combination will help us build a strong platform for future growth.

Since the financial crisis, makers of premium implants have struggled as cash-strapped consumers, particularly in Southern Europe, cut back on pricey dental work which is not generally reimbursed by insurers.

Stock of Nobel Biocare is down 80 percent since its all-time high in 2007 as the company struggled with years of sliding sales and declining market share in the aftermath of the global economic crisis.

In 2013 the Zurich-based firm had Sales of $735 million (567 million euros) and net profit of 42.6 million euros. It has $556 million of loans and bonds.

Danaher added that Nobel Biocare would continue to operate as a standalone company and maintain its own brand and identity. Nobel Biocare’s board said it would recommend the deal, which is expected to be completed in late 2014 or early 2015.