The world’s second largest maker of laboratory equipment, Thermo Fisher Scientific Inc has agree to acquire competitor
Life tech Corp for $13.6 billion in cash ($76 a share). Thermo Fisher will also assume $2.2 billion in debt.
The transaction is expected to close in early 2014 and is subject to a vote by Life Technologies’ shareholders, regulatory approvals and other customary closing conditions. Thermo Fisher has received committed financing from J.P. Morgan and Barclays and expects the payment for Life Technologies to be split with cash and debt accounting for $9.5 billion to $10 billion and equity of up to $4 billion.
The acquisition brings to Thermo Fisher an established position in the genetic sequencing business, an area in which the company has not been a player. Genetic testing and sequencing are expected to be high-growth fields in the next few years...
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