Life Technologies to be bought by Thermo Fisher Scientific
26 April 2013Tweet
Thermo Fisher Scientific and Life Technologies Corporation have signed an agreement under which Thermo Fisher will acquire Life Technologies for $76.00 in cash per fully diluted common share, or approximately $13.6 billion.
The two companies say the transaction, which was approved by both companies’ boards of directors, will create an unrivalled leader in serving research, specialty diagnostics and applied markets. The combination is aimed at building on both companies’ technological strengths to accelerate results for life sciences customers working in proteomics, genomics and cell biology.
'We are extremely excited about this transaction because it creates the ultimate partner for our customers and significant value for our shareholders,' said Marc Casper, president and chief executive officer of Thermo Fisher Scientific. '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.'
He 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. We’re especially excited about the new opportunities we will have to leverage our complementary offerings, fuelled 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.'
Gregory Lucier, chairman and chief executive officer of Life Technologies, said: 'This transaction brings together two companies intent on accelerating innovation for our customers and achieving greater success in a highly competitive global industry.
'Further, this combination delivers immediate and significant cash value to our stockholders and represents a successful conclusion to the board’s strategic review to enhance stockholder value and develop an even stronger future for Life Technologies. 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.'