Thermo Fisher Scientific to purchase Life Technologies

15 April 2013 (Last Updated April 15th, 2013 18:30)

Thermo Fisher Scientific has entered into a definitive agreement to buy Life Technologies for $76.00 in cash per fully diluted common share, or $13.6bn, plus the assumption of net debt at close ($2.2bn as of year end 2012).

Thermo Fisher Scientific has entered into a definitive agreement to buy Life Technologies for $76.00 in cash per fully diluted common share, or $13.6bn, plus the assumption of net debt at close ($2.2bn as of year end 2012).

Life Technologies provides new 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.

The acquisition will strengthen the technology portfolio of Thermo Fisher and enable it to serve in research, specialty diagnostics and applied markets.

ThermoFisher Scientific president and chief executive officer Marc Casper said the acquisition of Life Technologies will enhance all three elements of its growth strategy including technological innovation, a unique customer value proposition and expansion in emerging markets.

"We are extremely excited about this transaction because it creates the ultimate partner for our customers and significant value for our shareholders," Casper added.

"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.

"For our shareholders, we expect the transaction to generate attractive financial returns, as well as significant and immediate accretion to our adjusted EPS."

Expected to close early in 2014, the transaction is subject to a Life shareholder vote and satisfying customary closing conditions including regulatory approvals.

Life Technologies chairman and chief executive officer Gregory Lucier said, "We look forward to joining forces with the outstanding team at Thermo Fisher, which shares our commitment to customers, employees and the communities we serve."