Danaher To Buy Biopharma Business Of GE Life Sciences In $21.4 Bln Deal

(RTTNews) - Danaher Corp. (DHR) said that it reached a definitive agreement with General Electric Co. (GE) to acquire the Biopharma business of GE Life Sciences for a cash purchase price of approximately $21.4 billion.

Given anticipated tax benefits from the transaction structure, the net purchase price is approximately $20 billion.

Danaher expects to finance the all-cash transaction with about $3 billion of proceeds from an equity offering, and the remainder from available cash on hand and proceeds from the issuance of debt and/or new credit facilities.

Danaher estimates the acquisition will reduce GAAP net earnings per share by approximately $1.15 to $1.20 but will be accretive to non-GAAP, adjusted diluted net earnings per share by approximately $0.45 to $0.50 in the first full year post acquisition.

The transaction is expected to be completed in the fourth quarter of calendar year 2019, and is subject to customary conditions, including receipt of applicable regulatory approvals.