Thermo Fisher Scientific said today it will acquire Life Technologies
Corp. for nearly $13.6 billion, or $76 in cash per fully diluted common share.
The Waltham, Mass., health-care equipment company will also assume Life Technologies' net debt, which was $2.2 billion as of the end of last year.
The transaction, which was approved by both companies' boards of directors, will "create an unrivaled leader in serving research, specialty diagnostics and applied markets," the companies said.
"The acquisition of Life Technologies enhances all three elements of our growth strategy -- technological innovation, a unique customer value proposition and expansion in emerging markets," said Thermo Fisher Scientific President and CEO Marc N. Casper in a statement. "Our customers in research and applied markets will now be able to achieve even higher levels of innovation and productivity by working with the combined company. We're especially excited about the new opportunities we will have to leverage our complementary offerings, fueled by a shared commitment to continuous innovation. For our shareholders, we expect the transaction to generate attractive financial returns, as well as significant and immediate accretion to our adjusted EPS."
Life Technologies, which is based in Carlsbad, Calif., provides products and services to customers conducting scientific research and genetic analysis, as well as those in applied markets, such as forensics and food safety testing, officials said. The company, which has more than 10,000 employees, reported 2012 revenues of $3.8 billion.
Life Technologies' President and Chief Operating Officer Mark P. Stevenson is expected to have a "significant leadership role" in the combined company, officials said. In addition, Thermo Fisher plans to elect a member of the Life Technologies board of directors to the Thermo Fisher board.
The transaction is expected to close early next year. The sale marks Thermo Fisher's largest acquisition since the $12.8 billion merger in 2006 of Thermo Electron and Fisher Scientific International.
In July of last year, Thermo Fisher acquired transplant diagnostics company One Lambda for $925 million in cash.
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