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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